Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.
Brent crude oil dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1415 GMT. U.S. light crude oil slipped $1.30 to $44.92 and was last 70 cents lower at $45.52.
Oil prices reached multi-year highs in early October but are now approaching their lowest levels for 18 months.
Both crude oil benchmarks have lost more than a third of their value since the beginning of October and are heading for losses of more than 20 percent in 2018.
“Fear of a bear market remains in place,” said Johannes Gross at Vienna-based consultancy JBC Energy, as reported by Reuters.
