Oil prices slipped Tuesday, over concerns of a sharp global economic slowdown, as well as oil supply disruptions.Brent crude is now down 30 cents or 0.5% to $66.73 a barrel, while US West Texas Intermediate crude is down 35 cents or 0.6% to $58.69 per barrel.
Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall U.S. drilling activity.
Brent crude oil climbed above $66 a barrel to its highest this year as OPEC-led supply cuts and this week’s announcement of a higher than expected cut by Saudi Arabia encouraged investors.
Against the growing concerns about an economic slowdown, Oil prices stabilized on Wednesday after falling in the previous session when markets were lugged down.
Oil prices slumped to 2018 lows on Friday in thin but volatile trading, dropping over concerns of a global supply overhang amid a bleak economic outlook.
Ugo Amadi with agency report
Oil shot back up following six weeks of losses as speculation of OPEC weighing bigger output cuts overshadowed signs of expanding American crude production.
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UGO AMADI WITH AGENCY REPORT
Oil prices ahead 1 per cent on Tuesday, with Brent crude sliding below $70 and West Texas Intermediate, WTI went below $60 per barrel, after U.S. President Donald Trump put pressure on Organization of Petroleum Exporting Countries, OPEC not to cut supply to prop up the market.
U.S. President Donald Trump speaks to reporters upon his departure from the White House in Washington, U.S., October 31, 2018.
Oil prices dropped more than 1 percent on Wednesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war.