Oil prices hit fresh multi-month lows; metals stabilise

London

OIL prices hit fresh multi-month low points last week, with no sign of an end to a global supply glut.

Metals, including gold and copper, stabilised after a recent rout fuelled by cracks in the Chinese economy.

Brent crude hit US$52.28 a barrel on Tuesday, the lowest level since Feb 2.

The same day, New York's main contract dropped to US$46.68 a barrel, the lowest point since March 24.

After briefly recovering, both contracts tumbled on Thursday after Abdullah El-Badri, secretary-general of the Organization of Petroleum Exporting Countries (Opec), said the group would not cut output in response to lower prices.

Speaking in Moscow after meeting Russia's energy minister, he said the cartel is "not re…