HONG KONG (AFP) – Oil prices slipped Wednesday after enjoying a recent upturn in line with a global equities rebound, while analysts said investors will now be keeping an eye on the US Federal Reserve’s next policy meeting.
However, oversupply and lingering concerns about demand in key markets are capping gains and keeping prices at multi-year lows.
US benchmark West Texas Intermediate for December delivery eased 31 cents to close at $82.50 a barrel. Brent North Sea crude for December fell four cents to $86.18.
WTI is stuck around levels not seen since mid-2012, while Brent is at a four-year low.
Crude sank in line with worldwide markets last week on fears about the strength of the global economy as China, Europe and Japan struggle to kickstart growth.
However, bargain-hunting and indications of loose central bank monetary policies for some time have supported a rebound this week, with US stocks surging for three straight sessions.