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MTECHTIPS;-Oil prices resume fall, shed most of their gains from last session

Thursday, December 20, 2018 2:30

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MTECHTIPS;-Oil prices resume fall, shed most of their gains from last session

MTECHTIPS-Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. The front-month U.S. crude contract (CLc1) had fallen 78 cents, or 1.6 percent, to $47.39 per barrel by 0129 GMT, nearly offseting gains of 96 cents chalked up on Wednesday. International benchmark Brent crude (LCOc1) futures were down 66 cents, or 1.2 percent, at $56.58 per barrel, after climbing almost 2 percent the session before. “Wednesday’s recovery was short-covering. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC’s pledge to curb production,” said Xi Jiarui, chief oil analyst at consultancy JLC. The Organization of the Petroleum Exporting Countries and other oil producers including Russia agreed this month to curb output by 1.2 million barrels per day (bpd) in an attempt to drain tanks and boost prices

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