Oil dips amid broader market selloff, despite signs of market tightness – media

09:15, 18 August 2017
73 0

Oil prices dipped on Friday as part of a broad-based selloff across markets and despite signs that crude markets are gradually tightening, according to Reuters.


Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50.99 per barrel at 05:20 GMT, down 4 cents from their last close. Brent is set for an over 2 percent drop this week, as reported by Reuters.

Read alsoOil edges up on decline in U.S. crude stocks, but high output caps gains – ReutersU.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.06 a barrel, down 3 cents. WTI is also set to drop for the week, down some 3.5 percent.

The dip in oil prices occurred amid a selloff across markets, including U.S. and Asian stocks, where investors voted with their feet amid growing scepticism that U.S. President Donald Trump, embroiled in controversy, would achieve his economic agenda.

If you see a spelling error on our site, select it and press Ctrl+Enter