Oil gets caught up in broad-based sell-off
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...
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