New York's WTI oil price slides to $ 50 per barrel


Devdiscourse News Desk | London | Updated: 29-11-2018 17:21 IST | Created: 29-11-2018 16:54 IST
New York's WTI oil price slides to $ 50 per barrel
(Image Credit: Twitter)
  • Country:
  • United States

One of the world's major oil contracts, New York's WTI, slumped under USD 50 per barrel on Thursday, reaching the lowest level in nearly 14 months.

WTI and Brent North Sea crude, another benchmark contract, have been tumbling for weeks on fears of a supply glut -- despite oil kingpin Saudi Arabia planning an output cut and urging other producer nations to follow suit.

WTI hit as low as USD 49.41 per barrel, the lowest point since October last year.

Around 1025 GMT and after a slight recovery, WTI stood at USD 49.83, down 46 cents compared with Wednesday's close.

Brent was down 63 cents at USD 58.13.

(With inputs from agencies.)

Give Feedback