Oil prices fall 3% due to a surge in supply and pessimism about the global economy

BAGHDAD, Oil prices fell nearly 3 percent on Thursday, with US crude contracts hitting their lowest level since April as concern over weak global demand surged as output jumped from the world's biggest producers.

Oil production in the United States and Russia is record high, along with a major upward movement in production from the Organization of the Petroleum Exporting Countries (OPEC).

Oil is under pressure from growing concern over a possible slowdown in world markets as the US-China trade dispute continues to have a negative impact on emerging market economies in particular.

US crude prices are down 17 percent from their record highs in early October. Analysts said they expected more sales in the coming days, pointing out that oil was unable to take advantage of weakness in the dollar on Thursday and did not benefit from the recovery of stock markets.

Brent crude fell $ 2.15, or 2.9 percent, to settle at $ 72.89 per barrel.

US crude fell 1.62 dollars, or 2.5 percent, to 63.69 dollars a barrel, the lowest close since April 9.

Source: National Iraqi News Agency