Oil prices pressured by economic slowdown, but OPEC cuts support


Oil prices pressured by economic slowdown, but OPEC cuts support

Oil prices were on Wednesday weighed down by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC and by U.S. sanctions against Iran and Venezuela.

International Brent crude oil futures were at $67.55 a barrel at 0432 GMT, down 6 cents, or 0.1 percent, from their last close. Brent on Tuesday touched its highest since Nov. 16 at $68.20 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $58.92 per barrel, down 11 cents, or 0.2 percent, from their previous settlement. WTI on Tuesday reached its strongest level since Nov. 12 at $59.57 a barrel. Analysts said an economic slowdown could soon dent fuel consumption. Read More

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