Oil prices fell nearly 2 per cent on Wednesday, weighed down by a weaker demand outlook and a rise in US crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86 per cent, at $61.13 a barrel by 0616 GMT. US West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95 per cent, at $52.23 per barrel.
The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.
