Oil prices fell amid the worsening outlook for global economic growth

Oil prices sank in the early hours of trading in Asia on the first day of the week, despite a fourth weekly decline in drilling activity in the US. Analysts point to the deteriorating economic outlook as the main reason for the low prices of crude oil.

The International Monetary Fund is likely to revise downward its forecast for global economic growth. Negative expectations due to slower growth in emerging economies, said the head of the IMF Christine Lagarde in an interview.

In line with the bearish sentiment, Brent oil futures (LCOc1) were levels of $ 48.27 a barrel, down 33 cents.

US WTI futures (CLc1) were $ 45.34 per barrel, down 36 cents.

Crude futures are now at levels above 10 per cent since the beginning of the month, and the rating agency S & P downgraded its Brent and WTI late last week with $ 5 to $ 50 a barrel and $ 45 per barrel, respectively this year

The decline in prices comes despite the current decline in drilling activity in the United States.

Energy companies in the US reduced oil platforms for the fourth consecutive week as a sign of continuing weak prices urging energy companies to reduce drilling plans.

But analysts said that US manufacturing is holding up despite a glut on the market.

Perhaps prices will continue downward despite a movement reducing supplies of black gold, possible price adjustment if OPEC change its output policy

E.Dimitrov JrTrader