Oil falls on supply glut fears, but expected OPEC cuts provide some support


Oil falls on supply glut fears, but expected OPEC cuts provide some support

Oil prices renewed their fall on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook.

Markets were offered some support by an expectation that the Organization of the Petroleum Exporting Countries (OPEC) producer group will start withholding supply in 2019 to rein in any glut. U.S. West Texas Intermediate (WTI) crude futures slumped by around 2.5 percent from their last close, down $1.34 to $53.29 per barrel at 0333 GMT.

International benchmark Brent crude oil futures were at $61.82 per barrel, down 78 cents, or 1.3 percent amid thin trading due to a holiday in Japan.

The divergence between U.S. and international crude comes as surging North American supply is clogging the system and depressing prices there Read More

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