Oil Falls to $53 on Economic Worries, Surging Supply

Credit: Gerhard Traschütz

(From Reuters)

Oil fell to around $53 a barrel on Wednesday, pressured by rising output in major OPEC and non-OPEC producers and concern about an economic slowdown that could weaken demand. . . .

“The omens are far from encouraging,” said Stephen Brennock, of oil broker PVM, about the price outlook for 2019, citing rising non-OPEC supply and the likelihood of further increases in oil inventories.

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