2019Oil prices begin withlosses signally economic slowdown

Oil markets dropped by around 1 percent in 2019's first trading on Wednesday, pulled down by surging U.S. output and concerns about an economic slowdown in 2019 as factory activity in China, the world's biggest oil importer, contracted. International Brent crude futures were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 percent, from their final close of 2018. West Texas Intermediate (WTI) futures were at $44.95 per barrel, down 47 cents, or 1 percent. In physical oil markets, Dubai crude averaged $57.318 a barrel for December, the lowest since October 2017, two traders who participate in the market said on Wednesday. Similarly, Malaysia's Petronas set the official selling price of a basket of December-loading Malaysian crude grades at $62.79 a barrel, the lowest since October 2017, the state oil firm said on Wednesday. Traders said futures prices fell on expectations of oversupply amid surging U.S. production and concerns about a global economic slowdown.