SINGAPORE -- Renewed jitters over the prospects of slower growth in the world's two largest economies — the United States and China — saw oil prices dive, markets sputter and commodities take a hit. Some stock markets across Asia fell in tandem with oil prices yesterday as analysts forecast further weakness amid signs that global U.S. and China demand may not be strong enough to mop up the excess production. But Capital Economics' commodities economist Thomas Pugh believes the pessimism is overdone and still sees Brent crude oil recovering to US$60 by the year end. The OPEC production cut agreement is set to expire at the end of next month. At the next meeting on May 25, the cartel will decide whether to expand their agreement to lower crude production.

Source: The China Post May 07, 2017 15:56 UTC