Oil in London fell to near $59 a barrel as the market appeared to disagree with Saudi Arabia’s energy minister, who said output cuts of a million barrels a day from OPEC and its allies were adequate for the market.
Brent futures in London earlier fell as much as 5.2 percent. There is currently no agreement among producers to cut output, Saudi Minister Khalid Al-Falih told reporters in Vienna, where the Organization of Petroleum Exporting Countries is meeting. The selloff gathered pace amid a decline in stock markets and continued trade tensions between the U.S. and China.
West Texas Intermediate for January delivery traded down $2.04 at $50.85 a barrel on the New York Mercantile Exchange, after dropping 5 percent earlier. The contract fell 36 cents to $52.89 on Wednesday. Total volume traded was about 145 percent higher than the 100-day average.
Source : Investing.com