Oil near 15-month low on signs of surplus and economic concerns

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. Chinese President Xi Jinping showed little sign of backing down in a trade dispute with the US and the market braced for a Federal Reserve rate hike.