SINGAPORE:Oil prices fell early on Wednesday as Asia’s top economies showed marks of weakness, but hopes for production cuts by producer club OPEC curbed losses.
Benchmark Brent crude oil futures were trading down 20 cents at $78.13 a barrel at 0150 GMT, while U.S. crude was 30 cents lower at $73.79 a barrel.
Traders said worries over Asia’s economic health were pressuring oil prices, with doubts over the outlook for the region’s four biggest economies.
India’s economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter.
In South Korea, a top state-run research institute warned the Bank of Korea against underestimating the danger of Asia’s fourth-largest economy falling into deflation.
While in China, Asia’s biggest economy, a surprise interest rate cut last week indicated slowing growth.
And Japan’s economy has slipped into recession, triggering a snap election to be held in December.
“The U.S. economy is doing great but most everyone else is struggling, creating more downside than upside risks to growth,” U.S.-based PIRA Energy Group said in its latest weekly oil market report.
“Global oil balances continue to confirm a rather large surplus in 2014. OPEC will find it hard to remedy the situation.”
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