SINGAPORE (Reuters) – Oil prices eased on Monday amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month.
Global benchmark Brent crude oil futures LCOc1 fell by 14 cents, or 0.2%, to $59.28 a barrel by 0517 GMT.
U.S. West Texas Intermediate crude oil futures CLc1 declined 10 cents, or 0.2%, to $53.68 a barrel.
Signs of still ample global oil supply combined with concerns about economic growth in China, the world’s largest oil importer, pressured prices lower for a second session.
“Weakness in oil price reflected a bearish view of the global energy demand, as the slowdown in manufacturing and trades seemed not to be ending anytime soon,” said Margaret Yang, market analyst at CMC Markets.
Russia, the world’s second-largest oil producer, said on Sunday it did not meet its supply reduction commitment in September because of an increase in natural gas condensate output as the…
Source news reuters.com, click here to read the full news.