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Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting


Added 12-05-18 09:03:02pm EST - “Oil prices fell along with weak stock markets on Thursday, but trading was tepid...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil prices dip as stock markets slide, but trading tepid ahead of...”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

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