Reuters
Singapore
Oil prices succumbed to concerns of a supply overhang on Thursday, erasing modest early gains as analysts said a persistent global surplus of crude would keep pressuring the market.
U.S. oil futures plunged below $27 dollars a barrel on Wednesday for the first time since 2003, caught in a broad slump across world financial markets as investors worried that a huge oversupply in crude was coinciding with an economic slowdown, especially in China.
Broad market sentiment remained bearish as producers around the world pump 1 million to 2 million barrels of crude every day in excess of demand, creating a huge overhang of stored oil.
Oil prices erased early gains on Thursday, with front-month West Texas Intermediate (WTI) crude futures CLc1 trading at $28.01 per barrel at 0745 GMT (0245 ET), down 34 cents from their previous close.
This image shows the Logo of the Management Association of Pakistan . — Associations Information Systems...
A representational image of a car manufacturing plant. — AFP/FileKARACHI: Indus Motor Company Limited announced on...
A representational image of gold bangles. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs2,000 per...
The Sui Southern Gas Company building in Karachi.— Sui Southern Gas Company /FileKARACHI: Sui Southern Gas Company...
This image released on March 3, 2022, shows the FBR building. — Facebook/Federal Board of RevenueLAHORE: Civil...
Representational image of a working oil pumpjack. — AFP/FileLONDON: A group of Western insurers has said a Russian...
