Oil prices on shaky ground amid global financial market worries


Oil prices on shaky ground amid global financial market worries

Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

U.S. West Texas Intermediate (WTI) crude futures were at $51 per barrel at 0028 GMT, unchanged from their last close. International Brent crude oil futures had yet to trade.

Crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang. Read More

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