Oil drops on U.S. economic contraction, possible OPEC+ supply rise

News Snapshot:

Oil prices fell on Thursday, extending a steep decline the previous session due to indications that Saudi Arabia, the world’s largest crude exporter, could increase production and data showing a contraction in the U.S. economy, the world’s top oil consumer. Brent crude futures fell 59 cents, or 1 per cent, to $60.47 a barrel as of 0822 GMT. U.S. West Texas Intermediate crude futures fell 65 cents, or 1.1 per cent, to $57.56. “The oil market remains concerned about weakening oil demand growth over the coming months due to the trade tensions as well as a faster unwinding of the...