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Oil prices slide on supply surge, global market turmoil scares off investors


Thursday, 3 January 2019 12:21 WIB

Minyak WTIMinyak jenis BrentPasokan Minyak


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Oil prices fell on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally.

U.S. West Texas Intermediate (WTI) crude oil futures dropped by around 2 percent from their last settlement, or 93 cents, to $45.61 by 04.04 GMT.

International Brent crude futures were down 1.1 percent, or 60 cents, at $54.31 a barrel.

In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.

Markets were roiled by a more than 3 percent slump of the U.S. dollar against the Japanese yen overnight, and after tech giant Apple cut its sales forecast.

reuters


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