Oil extends losses on worries over slower demand, excess supply
West Texas Intermediate (WTI) crude futures declined $2.54, or 4.7%, to settle at $51.09/bbl, while the other benchmark, Brent crude futures, settled down $2.71, or 4.6%, at $56.23/bbl on Wednesday. The latest leg in the downward rally sent both global benchmarks to their lowest levels since January.
In addition to the surprise increase in US crude oil inventories, prices were hit by growing concerns over demand growth amid trade tensions between the US and China.
However, early trading sessions on Thursday showed that oil recovered nearly half of the losses on Wednesday, on expectations of seeing Saudi Arabia and other OPEC nations cut production to counter the ongoing weakness in prices.
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