Oil prices fell on Thursday, retreating from an 8 percent rally in the previous session as the oil market focused on signs of faltering global economic growth and record production of crude.
Brent crude futures dropped 4.24 percent, or $2.31, to settle at $52.16 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.61 to settle at $44.61 a barrel, down 3.48 percent.
“The market is giving back some of its gains from yesterday that were brought along with the euphoria in the stock market,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
Prices surged on Wednesday, tracking a spike on Wall Street after President Donald Trump’s administration attempted to shore up investor confidence.
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