After Wednesday’s gains, oil prices drop again
Oil prices are down more than 30% from peaks seen in October
Beijing/Singapore — Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. The front-month US crude contract had dropped more than $1, or 2.24%, to $47.10 per barrel by 4.23am GMT, offsetting gains of 96 US cents chalked up on Wednesday. International benchmark Brent crude futures were down more than $1, or 1.82%, at $56.20 per barrel, after climbing almost 2% the session before. "Wednesday's recovery was short-covering. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with Opec's pledge to curb production," said Xi Jiarui, chief oil analyst at consultancy JLC. Oil cartel Opec and other oil producers including Russia agreed earlier in December to curb output by 1.2-million barrels per day (bpd) in an attempt...
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