Oil prices slip on economic downturn fears, but OPEC cuts offer support1 min read 04 Jan 2019, 07:32 AM IST
Oil prices fell after the US showed signs of following Asia into an economic slowdown, although supply cuts by producer club OPEC kept declines in check
Singapore: Oil prices fell on Friday after the United States showed signs of following Asia into an economic slowdown, although supply cuts by producer club OPEC kept declines in check. US West Texas Intermediate (WTI) crude oil futures were at $46.71 per barrel at 0117 GMT, down 35 cents, or 0.7 percent, from their last settlement. International Brent crude futures were down 38 cents, or 0.7 percent, at $55.57 a barrel. Data for December from the Institute for Supply Management (ISM) on Thursday showed the broadest U.S. slowdown in growth for more than a decade, as the trade conflict with China, falling equity prices and increasing uncertainty started to take a toll on the world’s biggest economy.
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