Oil prices skid with global stock markets; U.S. supply swells

Oil prices slumped by around 2 percent on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.

International Brent crude oil futures were at $60.87 per barrel at 0418 GMT, down $1.21, or 2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $52.31 per barrel, down 95 cents, or 1.8 percent.

Reuters technical commodity analyst Wang Tao said WTI could soon test support at $51.75 per barrel, while Brent was threatening to drop below $60 per barrel again soon.
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