Oil extends losses as global economic clouds gather
Both Brent crude and WTI have begun the month with falls, after posting their worst month in more than two years in October
Beijing — Oil prices fell on Thursday, extending losses in previous sessions, amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. The Brent crude January futures contract lost 46c or 0.61% to trade at $74.58 a barrel by 4.51am GMT. West Texas Intermediate (WTI) crude futures fell 41c to $64.90 a barrel. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent falling 8.8% for October and WTI dropping 10.9%. Thursday’s drops came after US Energy Information Administration data showed crude oil inventories climbed for a sixth straight week. “The strong built-in oil inventories is likely to keep downward pressure on oil prices,” ANZ Research analysts said in a note. Still, Goldman Sachs on Thursday reiterated a year-end forecast for Brent prices of $80 a barrel. The bank said 2018 oil demand growth, though down slightly, remains above consensus expectations, and said Chinese dema...
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