LONDON: Oil slipped further below $58 a barrel on Thursday, pressured by concerns about global economic growth, oil demand and signs of excess supply despite OPEC-led cuts.
Euro zone business growth stalled in September, a survey on Thursday showed, a day after the U.S. announced import tariffs on European Union products. U.S. crude inventories rose 3.1 million barrels last week, more than forecast.
“It is simply impossible to predict where the next significant price support will come from as the focus is firmly on economic developments,” said Tamas Varga of oil broker PVM.
