Live News Update
Oil prices drop after jump the day before; glut, economy concerns drag
Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.
Both crude benchmarks are down roughly 40 percent from highs touched in October.
Global stocks rebounded on Wednesday on the back of the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.