Oil slips back towards 18-months lows on oversupply, economy concerns


Oil prices fell on Thursday after rebounding 8 per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market rally offered support. Brent crude oil dropped $1.67 a barrel, or 3.1 per cent, to a low of $52.80 before recovering to around $53.45 by 1205 GMT.

U.S. light crude oil slipped $1.30 to $44.92 and was last 80 cents lower at $45.42. Oil prices reached multi-year highs in early October but are now approaching their lowest levels.....

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