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U.S. oil prices slide with global markets on economic concerns

Reuters  |  SINGAPORE 

By Gloystein

SINGAPORE (Reuters) - U.S. prices slipped by 1 percent early on Wednesday, weighed down by a plunge in global stock markets amid concerns over an economic slowdown.

U.S. Intermediate (WTI) crude futures were at $52.71 per barrel at 0057 GMT, down 54 cents, or 1 percent, from their last close.

International Brent crude futures had yet to trade.

The slide in U.S. followed a tumble in global stock markets on Tuesday, with investors worried about the threat of a widespread economic slowdown.

Key to the global economic outlook will be whether the and can resolve their trade disputes. and announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.

But U.S. threatened on Tuesday to place "major tariffs" on Chinese goods imported into the if his administration didn't reach a desirable deal with

of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown.

The said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

(Reporting by Gloystein; Editing by Joseph Radford)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 06:39 IST