Singapore — Oil prices were weighed down on Wednesday by economic growth concerns that dampened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club Opec and by US sanctions against Iran and Venezuela. International Brent crude oil futures were at $67.55 a barrel at 4.32am GMT, down 6 cents, or 0.1%, from their last close. Brent on Tuesday touched its highest since November 16 at $68.20 a barrel. US West Texas Intermediate (WTI) crude futures were at $58.92 per barrel, down 11 cents, or 0.2%, from their previous settlement. WTI on Tuesday reached its strongest level since November 12 at $59.57 a barrel. Analysts said an economic slowdown could soon dent fuel consumption. “Global growth concerns and ongoing oversupply fears [are] creating headwinds for the commodity,” said Lukman Otunuga, analyst at futures brokerage FXTM. Asian business confidence held near three-year lows in the first quarter as a US-China trade dispute dragged on, pulling d...
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