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Oil falls on concerns of slower demand for fuel
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| An |
Oil prices fell on Thursday as worries persisted that slowing world growth could curb fuel demand and a sudden increase in US crude inventories.
By 0627 GMT, Brent crude futures were $ 60.85 a barrel, down 29 cents, or 0.5 percent, from the previous settlement price.
US WTI crude futures were $ 52.37 a barrel, down 25 cents from the previous close.
"The crude market is currently focusing on global growth concerns mainly ... it seems to be looking at stock readings as a secondary factor," said Hugh Freim, portfolio manager at Frame Funds in Sydney.
"The IMF cut the 2019-2020 outlook and the constant comments from Davos confirming that they expect global growth to slow down over the next two years put selling pressure on oil," he said.
Earlier this week, the IMF cut its forecast for global economic growth in 2019 and 2020 due to weakness in Europe and some emerging markets.
Meanwhile, world leaders and senior executives are meeting in Davos, Switzerland to discuss policy management amid fears of a global economic slowdown, damage caused by trade wars and British secession from the EU.
Oil market sentiment was also hurt by a surprise surge in US crude inventories after refiners cut output, US Petroleum Institute data showed on Wednesday.
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