Oil eases further below $59 on weaker economic outlook - Reuters

Oil eases further below $59 on weaker economic outlook - Reuters:

Oil edged further below $59 a barrel on Wednesday, pressured by concerns about weaker demand for fuel due to slower economic growth and forecasts of a further rise in U.S. crude inventories.

Prices gained some support due to signs from the Organization of the Petroleum Exporting Countries that further curbs to oil supply could come in December. OPEC and its allies meet on Dec. 5-6 in Vienna to review output policy.

Brent crude LCOc1, the global benchmark, slipped 11 cents to $58.63 a barrel by 1045 GMT. U.S. crude CLc1 gained 9 cents to $52.90.

“Prices are under pressure from increasing pessimism about the global economy and subsequent demand-side concerns,” Stephen Brennock of oil broker PVM said.