Oil prices bounced along near two-month lows on Thursday, still hit by fears that the global economic slowdown will again leave the market awash in too much crude next year.
By 8:12 AM ET (12:12 GMT), U.S. benchmark futures prices were at $52.38 a barrel, down 0.4% on the day and close to the two-month low of $52.26 that they hit overnight. Prices are now below where they were before the drone attack on Saudi Arabian oil installations in early September.
Brent crude futures, the international benchmark, were at $57.45 a barrel, also down 0.4% on the day and also below the $60 level that many European and U.S. majors take as their benchmark.
The impact of the Saudi attacks on physical supply has now unwound more or less completely. Saudi Oil Minister Prince Abdulaziz bin Salman told a conference in Moscow Thursday that the kingdom’s output had stabilized at 9.9 million barrels a day, and that it now has another 1.4 million barrels a day of spare capacity.
Source : Investing.com