TOKYO: Oil in London fell below US$50 a barrel for the first time since July 2017 as broader financial market turmoil and worries over US supply countered signs the Opec+ coalition may extend or deepen output cuts.
Futures fell as much as 1.1%, after Monday’s 6.2% drop. Russian Energy Minister Alexander Novak tried to reassure investors, saying the market will be more stable in the first half of 2019 due to the deal between Opec and its allies to cut output and producers will react if the situation changes.
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