Oil dips back below $50 on economic worries
"The deterioration in the global economic outlook, financial market uncertainty and ripple effects on key areas of oil demand growth are likely to exacerbate already-lacklustre industrial demand growth trends," Barclays said in a report.
"Asia has been relatively weak and China is not providing much support," said Olivier Jakob, oil analyst at Petromatrix, who also said weak refined products were pressuring crude. Representational Image. Image Source: Reuters