Oil markets: Global economy in focus


A worker grabs a nozzle at a PTT gas station in Bangkok, Thailand, January 5, 2016.

Athit Perawongmetha | Reuters

Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook.

International benchmark Brent crude futures were down 11 cents or 0.2%, from the previous settlement, to $58.46 a barrel by 0108 GMT.

U.S. West Texas Intermediate (WTI) futures were $54.81 per barrel, down 12 cents, or 0.2%, from the last close.

Saudi Arabia, the de-facto Organization of the Petroleum Exporting Countries (OPEC) leader, opened its books as part…


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