Web
Analytics
The news is by your side.

Oversupply

Oil prices slip on concerns of looming oversupply, economic downturn

SINGAPORE: Oil prices slipped on Thursday, weighed down by rising supply going into a market in which consumption is expected to slow down amid a glum economic outlook. Front-month Brent crude oil futures were trading at $65.88 per barrel at 0441 GMT, down 24 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $55.96 a barrel, down 29 cents, or 0.5 percent. Since early October, oil prices have lost around a quarter of their value as supply soars just as demand is…

Oil prices rebound in Asia on bargain hunting

SINGAPORE: Oil prices rebounded in Asia Tuesday on bargain hunting ahead of a report on US crude inventories, but the market remained weighed down by the slowing Chinese economy and a global oversupply.