SINGAPORE (Reuters) – Oil rates slipped more than 1%on Monday as concern over a persistent excess and economic gloom caused by the coronavirus pandemic cancelled out assistance from supply cuts at a few of the world’s top manufacturers.
SUBMIT PICTURE: The sun sets behind a petroleum pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24,2019 Picture taken November 24,2019 REUTERS/Angus Mordant/File Photo
Brent crude futures LCOc1 were down 51 cents, or 1.7%, at $3046 a barrel by 0624 GMT, while U.S. West Texas Intermediate unrefined futures CLc1 fell 49 cents, or 2.0%, to $2425 a barrel.
Both standards have notched up gains over the previous two weeks as nations have actually eased service and social lockdowns imposed to cope with the coronavirus and fuel demand has actually rebounded mo