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US oil prices inch up, but global economic concerns weigh

Updated : December 17, 2018 10:39 AM IST

US West Texas Intermediate (WTI) crude futures were at $51.35 per barrel at 0010 GMT, up 0.3 percent, or 15 cents, from their last settlement.
“Despite OPEC and Russia agreeing to reduce oil production by a further 1.2 million barrels per day at the recent OPEC meeting, prices have fallen as the market awaits evidence that the cuts will balance the market,” ANZ Bank said on Monday.
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