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REUTERS
Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by Opec to tighten the market. Benchmark Brent crude oil was 10 cents a barrel lower at $49.37 by 11:10am GMT, down around 8% from the open of futures trading on 25 May, when an Opec-led policy to cut oil output was extended into the first quarter of 2018. US light crude was down 10 cents at $47.30. Leading Arab powers including Saudi Arabia, Egypt and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.
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REUTERS
Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by Opec to tighten the market. Benchmark Brent crude oil was 10 cents a barrel lower at $49.37 by 11:10am GMT, down around 8% from the open of futures trading on 25 May, when an Opec-led policy to cut oil output was extended into the first quarter of 2018. US light crude was down 10 cents at $47.30. Leading Arab powers including Saudi Arabia, Egypt and the United Arab Emirates cut ties with Qatar on Monday, accusing it of support for Islamist militants and Iran.
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