Oil Falls Further as Equities' Global Slump Continues

02/05/18 11:36 PM EST
   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 biman.mukherji@wsj.com

 

(END) Dow Jones Newswires

February 05, 2018 23:36 ET (04:36 GMT)

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