Oil prices dropped on Thursday amid concerns over the escalating trade battle be...
FILE PHOTO: Oil platforms operated by Lukoil are seen at the Korchagina oilfield in the Caspian Sea, Russia October 17, 2018. REUTERS/Maxim Shemetov/File Photo
Brent crude oil futures were at $69.91 a barrel by 0600 GMT, down 46 cents, or 0.7 percent, from their previous settlement. They earlier fell more than 1 percent. U.S. West Texas Intermediate crude futures were at $61.76 per barrel, down 36 cents, or 0.6 percent, having also declined more than 1 percent earlier. “The inventory numbers from the U.S. only gave oil a transitory boost.
“Oil prices haven’t reacted too drastically, meaning the market’s largely adopting a wait-and-see attitude,” said Peter Lee, an analyst at Fitch Solutions in Singapore. Oil prices have had some support from signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia.
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