LONDON: Oil traded near its lowest closing level in 15 months as fears over slowing global economic growth compounded concerns that the market faces a supply glut in 2019. Futures rose 0.8% in New York after tumbling 12% over the past three sessions, the biggest three-day slump since 2016. “Concerns about oversupply and the slowing global economy seemingly grow by the day,” said Norbert Ruecker, head of macro and commodity research at Julius Baer Group Ltd in Zurich. After taking a battering over the past few sessions, US oil is in oversold territory for the first time since Nov 30. While an interest-rate increase is widely expected, it’s rare for the central bank to hike during such market turmoil.

Source: The Star December 19, 2018 12:45 UTC