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Oil drops on concerns of economic downturn, but OPEC cuts support

Updated : January 04, 2019 08:01 AM IST

US West Texas Intermediate (WTI) crude oil futures were at $46.82 per barrel at 0024 GMT, down 27 cents, or 0.6 percent, from their last settlement.
The slowdown comes over concerns that the trade war between the United States and China will drag down economic growth, triggering a surge in volatility and sending major stock markets deep into the red.
OPEC, Russia and other non-members - an alliance known as OPEC+ - agreed last December to reduce supply by 1.2 million bpd in 2019 versus October 2018 levels. OPEC’s share of that cut is 800,000 bpd.
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