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Oil prices sag on weak stock markets, but traders keep eye on OPEC meeting

Thursday 06 December 2018 11:27 AM


Oil prices fell on Thursday as stock markets slid, but trading was tepid in the countdown to an OPEC-meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent crude oil futures LCOc1 were at $61.06 per barrel at 0619 GMT, down 50 cents, or 0.8 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.29 per barrel, down 60 cents, or 1.1 percent.
Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Barclays bank said in its Global Outlook published on Thursday that “investors need to lower their expectations” and that “2019 should be a period of lower returns and higher volatility”.