MTECHTIPS;-Oil claws back some losses after 'Black Friday' plunge
MTECHTIPS;-Oil claws back some losses after 'Black Friday' plunge
MTECHTIPS-Oil prices clawed back some losses after a nearly 8 percent plunge in the previous session, but remain under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets. Front-month Brent crude oil futures rose 91 cents, or 1.6 percent, to $59.71 per barrel by 0520 GMT. US West Texas Intermediate (WTI) crude futures, were up 49 cents, or 1 percent, at $50.91 per barrel. The gains did little to make up for Friday's selloff, which traders have already dubbed 'Black Friday Reacting to Friday's falls in Brent and WTI, China's Shanghai crude futures on Monday fell by 5 percent, hitting their daily downside-limit. The downward pressure comes from surging supply and a slowdown in demand growth which is expected to result in an oil supply overhang by next year. "2019 will be a choppy year for the oil market as questions surrounding the prospect of a slowing global economy and a supply surplus are expected to increase," analysts at Fitch Solutions said on Monday
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