Oil Falls Further as Equities' Global Slump Continues
By Biman Mukherji
--Oil futures fell further in Asian trading Tuesday, continuing to be pressured by the ongoing global rout in equities markets.
--March light, sweet crude on the New York Mercantile Exchange was recently down 1.2% at $63.39 a barrel in the Globex trading session. April Brent fell 1.1% to $66.86.
--Through Monday, oil fell in four of the last six sessions, pulling back from its latest three-year highs. The latest selling is the result of stocks' hit to broader risk sentiment, said Li Li, research director at ICIS China.
--Meanwhile, though there's some near-term optimism about the ongoing rebalancing of oversupplied oil markets, she said rising US production is likely to limit any upside--especially in the second half of the year.
Write to Biman Mukherji at email@example.com
(END) Dow Jones Newswires
February 05, 2018 23:36 ET (04:36 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.