Oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising US supply and stalling demand amid an economic slowdown.
Front-month Brent crude futures, the international benchmark for oil prices, were at $60.50 at 0108 GMT. That was 13 cents, or 0.2 per cent, below last session’s close. US West Texas Intermediate (WTI) crude futures were at $51.62 per barrel, 6 cents, or 0.1 per cent, below their last settlement.
Brent and WTI on Wednesday hit their lowest levels since January, at $59.45 and $50.60 per barrel respectively, amid a surge in US crude inventories and record production, and as a global economic slowdown was starting to hit energy demand.
