Oil prices crashed yesterday on economic growth concerns that darkened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC, and by U.S. sanctions agai…
Oil prices crashed yesterday on economic growth concerns that darkened the outlook for fuel consumption, but supported by voluntary supply cuts led by producer club OPEC, and by U.S. sanctions against Iran and Venezuela.
The U.S. West Texas Intermediate, crude futures were at $58.92 per barrel, down 11 cents, or 0.2 per cent, from their previous settlement. WTI on Tuesday reached its strongest level since Nov. 12 at $59.57 a barrel. Analysts said an economic slowdown could soon dent fuel consumption. Asian business confidence held near three-year lows in the first quarter as a U.S.-China trade dispute dragged on, pulling down a global economy that is already on a downward path, a Thomson Reuters/INSEAD survey found yesterday.
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