Oil sinks under $50 on OPEC doubts as stock markets rise
AFP
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New York oil sank Thursday under $50 on doubts over an OPEC output cut, while most stocks rose as the Federal Reserve hinted at a softer pace of interest rate hikes.

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An oil drilling rig operates on an artificial causeway island in shallow waters at the Manifa offshore oilfield, in Manifa, Saudi Arabia, on Oct. 3, 2018. (Photo: VCG)

Investors meanwhile remain wary about the weekend's crunch trade talks between US President Donald Trump and China counterpart Xi Jinping at the G20 summit in Buenos Aires.

The pound fell versus the dollar and euro one day after the UK government and Bank of England painted a bleak picture of the country's economic future following Brexit.

Milan's stocks index was one of the few falling into negative territory on lingering concerns over Rome's budget deficit.

New York's West Texas Intermediate crude, one of the world's major oil contracts, slumped in morning deals to strike a near 14-month low at $49.41 per barrel.

European benchmark London Brent North Sea oil dived to $57.50, a level last seen in early October 2017.