Oil prices fall on global growth fears

Media In \ Agencies 5-12-2018

Oil prices fell markedly by oversupply of US supplies and a decline in equity markets as the Chinese government warned against the growing adverse effects of the economy and expectations that Japan would post another quarterly contraction of GDP

Brent crude for the year was $ 61.14 a barrel, down 94 cents, or 1.5 percent from the previous close.

US West Texas Intermediate crude futures were at $ 52.44 a barrel, down 81 cents, or 1.5 percent.

Oil prices are under pressure from a weekly report from the US Petroleum Institute, which said US crude inventories rose 5.4 million barrels in the week ending Nov. 30 to 448 million barrels, a sign of growing oil market volatility.

The US government is due to issue official oil production and stockpiles later