International Oil prices dip amidst concerns over economic slowdown

December 05, 2018: Oil prices fell by 1 percent on Wednesday, mostly due to growing U.S. inventories and a plunge in global stock markets amidst concerns over an economic slowdown.

U.S. West Texas Intermediate (WTI) crude futures were at $52.61 per barrel at 0128 GMT, down 64 cents, or 1.2 percent, from their last close, while International Brent crude oil futures were down 56 cents, or 0.9 percent, at $61.52 per barrel.

On the other hand, Gold prices remained stable during early hours on Wednesday as the dollar scaled up, while palladium plunged from record highs touched in the previous session but was in close vicinity of the bullion.

Spot gold was at $1,236.85 per ounce at 0121 GMT. In the previous session, prices touched a peak of $1,241.86, their highest since Oct. 26, whereas U.S. gold futures were down 0.4 percent at $1,241.4 per ounces.

Posted on: 2018-12-05T12:17:00+05:00