Singapore — Oil prices dipped on Friday as part of a broad-based sell-off across markets, and despite signs that crude markets are gradually tightening. Brent crude futures, the international benchmark for oil prices, were at $51 a barrel at 4.14am GMT, down 3c from their last close. Brent is set for a 2.2% drop this week, the most the week ending July 7. US West Texas Intermediate (WTI) crude futures were at $47.06 a barrel, also down 3c. WTI is also set to drop for the week, down 3.6%, and also the most since the week ending July 7. Oil traders said the crude falls came amid a sell-off across many other markets, including US and Asian stocks, where investors voted with their feet amid growing scepticism US President Donald Trump, embroiled in controversy, would achieve his economic agenda. The falls came despite signs, especially in the US, that crude markets were gradually tightening. Despite a 13% jump in production since mid-2016 to 9.5-million barrels a day, the country’s comm...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.