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US oil prices fall by over 1 per cent amid bleak economic outlook

US West Texas Intermediate (WTI) crude futures, were at $53.83 per barrel at 0029 GMT, 80 cents, or 1.5 per cent below their last settlement

Reuters  |  Singapore 

Oil prices fell on Friday, weighed down by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. U.S. West Texas Intermediate (WTI) crude futures, were at $53.83 per barrel at 0029 GMT, 80 cents, or 1.5 percent below their last settlement. Front-month Brent crude oil futures had yet to trade. "Oil prices fell as concerns of further oversupply drove sentiment lower," ANZ bank said on Friday. Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out ...

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First Published: Fri, November 23 2018. 07:51 IST
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