Oil stutters at over 4-month low on rising US supply, demand fears

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.