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Oil remains below $59 a barrel as worries about a recession grow

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But the price of Brent is still up 10% in 2019 thanks to supply cuts led by oil cartel OPEC and allies such as Russia

But the price of Brent is still up 10% in 2019 thanks to supply cuts led by oil cartel Opec and allies such as RussiaA worker checks the valve of an oil pipe at the Lukoil company-owned Imilorskoye oil field outside the Siberian city of Kogalym, Russia. Picture: REUTERS/SERGEI KARPUKHINOil slipped further below $60 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in US crude inventories.

Brent crude was down 20 US cents at $59.28 a barrel by 8.40am GMT, after a 3% slide on Wednesday. US crude was down 11c to $55.12 a barrel.The price of Brent is still up 10% in 2019 thanks to supply cuts led by oil cartel Opec and allies such as Russia. Traders say they expect top exporter Saudi Arabia to reduce output further.

 

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