Oil Prices Fall More Than 1% As US Stock Markets Retreat

Oil prices fell on Dec. 27 after rebounding 8% in the previous session, with prices pressured by concerns over a faltering global economy and worries about a glut in crude supply.

Brent crude futures dropped 80 cents, or 1.5%, to $53.67/bbl, by 10:47 a.m. EST (1547 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 58 cents to $45.64/bbl, a 1.3% loss.

Prices surged on Dec. 26, tracking heavily with a spike in the U.S. equities market after President Donald Trump’s administration attempted to shore up investor confidence.

However, U.S. stocks retreated on Dec. 27, dragging oil prices down with them.