Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.
U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.
Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.
Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand. Read More
Latest posts by Livemint (see all)
- Ratnagiri Refinery May Now Come Up In Maharashtra’s Raigad - February 21, 2019
- Mother Of All Hiring Drives Will Augment Railways’ Workforce - February 20, 2019
- ONGC Delivers Stellar Q3 Result, But Concerns Over Oil Subsidy Sharing Remain - February 19, 2019