Singapore — Oil prices slipped on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supplies are rising globally. US West Texas Intermediate (WTI) crude oil futures dropped by 1.7%, or 79c, from their last settlement to $45.75 by 4.53am GMT. International Brent crude futures were down 0.8%, or 46c, at $54.45 a barrel. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50c a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday. Markets were roiled by a more than 3% slump of the dollar against the Japanese yen overnight, and after tech giant Apple cut its sales forecast. “We did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Apple CEO Tim Cook said. The slowdown in China and turmoil in stock and currency markets is making investors nervous, including in oil ma...
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