Oil prices drop as U.S. stock markets retreat | Reuters

Oil prices drop as U.S. stock markets retreat | Reuters:

Oil prices fell on Thursday, retreating from an 8 percent rally in the previous session as Wall Street stocks also fell and the oil market focused on signs of faltering global economic growth and record production of crude. 

Brent crude LCOc1 futures dropped 4.24 percent, or $2.31, to settle at $52.16 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.61 to settle at $44.61 a barrel, down 3.48 percent.

“The market is giving back some of its gains from yesterday that were brought along with the euphoria in the stock market,” said Andrew Lipow, president of Lipow Oil Associates in Houston.