London - Oil sank on Monday as an oversupplied market offset concerns over unrest in the crude-rich Middle East, where Saudi-led warplanes have struck rebel targets in Yemen.
Brent North Sea crude for delivery in May slid $1.04 to $55.39 a barrel in London afternoon deals.
US benchmark West Texas Intermediate (WTI) for May shed $1.10 to $47.77 a barrel.