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Oil prices fall on swelling glut, economic growth concerns

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.International Brent crude oil futures were at $61.16 per barrel at 0757 GMT, down 92 cents, or 1.5 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, down 85 cents, or 1.6 percent.Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said U.S. crude inventories ...

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First Published: Wed, December 05 2018. 16:10 IST
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