Audio By Carbonatix
Oil prices fell on Wednesday, swept lower by a broad decline across financial markets, as concern about the outlook for global growth and evidence of yet more crude supply wiped out half of this week’s gains.
The Organization of the Petroleum Exporting Countries (OPEC), with partner countries such as Russia, meets on Thursday to discuss a potential cut in crude output.
In the face of a growing supply overhang, it will be keen to avert the kind of build-up in global oil inventories that sent prices on a 19-month long decline starting in late 2014.
After reaching a truce on trade over the weekend, the United States and China appeared once again to be at loggerheads after President Donald Trump threatened “major tariffs” on Chinese imports if the two failed to reach an effective deal.
Stock markets tumbled, taking cyclical assets such as oil with them, as the renewed tension rekindled fears of a global recession. Those concerns were reflected by a sharp drop in longer-term U.S. Treasury yields.
Brent crude futures LCOc1 were down 28 cents on the day at $61.88 a barrel by 1024 GMT, while U.S. crude futures CLc1 were down 26 cents at $52.40.
The oil price rallied by nearly 10 percent over Monday’s and Tuesday’s sessions, but has now retraced half of those gains.
“Oil sentiment is very fragile given clear event risk at play,” Harry Tchilinguirian, head of commodity strategy at BNP Paribas told the Reuters Global Oil Forum.
Latest Stories
-
2026 U-20 WWC: ‘Not all wishes come true’ – Gyan inspires Black Princesses after elimination
4 minutes -
‘I am not a magician’ – Zdravko Logarušić on Nations FC exit from Africa
17 minutes -
Three nights. 28 titles. Ultimate history made
27 minutes -
Ghanaian delegates at IYF 2026 could become bridges for stronger Russia ties – John Aggrey
32 minutes -
Nigeria: Over 30 dead, 50 hospitalised after consuming alcoholic substance in Ondo State
34 minutes -
UK lawmakers demand new law to address AI threat to human rights
43 minutes -
WAFU B U-17 Girls Cup: Black Maidens depart Accra for tournament in Yamoussokro
43 minutes -
Sweden’s center-left bloc narrowly ahead as election remains too close to call
54 minutes -
GPL 2026/27: ‘We won ugly’ – Kotoko head coach unimpressed after Lions victory
57 minutes -
7 out of 10 human trafficking cases in Ghana never reach prosecution — JoyNews Research
1 hour -
Music, football to converge at Music Meets Football Summit 2026 in Lusaka
1 hour -
Putin invites young global leaders to partner with Russia in shaping future world order
1 hour -
Putin calls for ‘just world’, says every nation must be free to choose its own path
1 hour -
IFY 2026 food festival to serve 20,000 meals showcasing global cuisines in Russia
2 hours -
Ghana has a Domestic Violence Act: But can a victim afford to use it?
2 hours