Oil prices drop almost 4% on supply and global growth concerns | Financial Times

Oil prices drop almost 4% on supply and global growth concerns | Financial Times:

Oil prices were under further strain on Tuesday following falls overnight amid persistent concerns over supplies and a broader fall this week in risk assets.

Brent crude, the international benchmark, fell 3.7 per cent in early London dealings to $57.31 per barrel. West Texas Intermediate, its US counterpart, dropped by 4 per cent to $47.95, hitting the lowest level since September 2017.

The latest leg lower in oil prices, down sharply from October’s peaks, was due “in large part” to broader market ructions on Monday, which saw global developed and emerging market equities drop 1.7 per cent, according to Warren Patterson, commodities strategist at ING. Falls continued, albeit more mildly, into Tuesday, with MSCI’s broad global benchmark off another 0.3 per cent.