SYDNEY/SINGAPORE (Reuters) – Oil prices declined on Thursday amid lingering concerns over slowing global economic growth that may limit fuel demand and after a surprise build in U.S. crude inventories.
International Brent crude oil futures were at $60.89 a barrel at 0352 GMT, down 25 cents, or 0.4 percent, from their last settlement, having closed down 0.6 percent in the previous session.
US - West - Texas - Intermediate - WTI
U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, 22 cents lower from their last settlement.
“Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said.
Prospects - Oil - Demand - Growth - Worries
The prospects of future oil demand are getting clouded by the global growth worries, analysts said.
“With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil,” said Hue Frame, portfolio manager at Frame Funds in Sydney.
Week - International - Monetary - Fund - IMF
Earlier this week, the International Monetary Fund (IMF) cut its world economic...
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