Oil declines due to supply concerns after four days of gains
Stock markets fall amid gloomy trade outlook as cautious investors pull large investments out of oil and Opec mulls discuss supply cuts
London — Benchmark oil prices fell on Tuesday, set to snap a four-day winning streak amid concerns about rising global supplies as oil cartel Opec weighs production cuts. Growing fears of an economic slowdown, which saw European and Asian stock markets tumble again, added further pressure on crude. Brent crude futures, the international benchmark for oil prices, were at $66.07 a barrel at 10.16am GMT, down 72c, or 1.08%, from their last close. US West Texas Intermediate (WTI) crude futures were at $56.63 a barrel, down 57c, or 1%. The head of the International Energy Agency (IEA) warned of the effects of geopolitical instability on prices. “We are entering an unprecedented period of uncertainty in oil markets,” Fatih Birol told a conference in Norway. Oil prices were around a quarter below their recent peaks in early October, weighed down by surging supply, especially from the USs, as well as a slowdown in global trade. US crude production has soared almost 25% this year, to a recor...
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