Oil Drops as OPEC Comments and Inventories in Spotlight

Oct 11 14:10 2018 Print This Article

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by an industry report showing U.S. crude inventories rising more than expected.

Brent crude LCOc1 fell $1.95 a barrel to a low of $81.14, its weakest since September 26, before recovering a little to trade around $81.60 by 1200 GMT. Brent lost 2.2 percent on Wednesday. On October 3, it hit a four-year high of $86.74.

U.S. light crude CLc1 dropped $1.54 to $71.63 but then recovered to around $72.00. The contract lost 2.4 percent in the previous session.

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street’s worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields. [MKTS/GLOB]

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