WASHINGTON (dpa-AFX) - Oil prices fell on Thursday as fresh signs of economic weakness in China as well as turmoil in stock and currency markets added to investor concerns over slowing global growth.
Global benchmark Brent crude dipped 21 cents or 0.38 percent to $54.70 a barrel while U.S. West Texas Intermediate (WTI) crude oil futures were down 1.27 percent at $45.95 a barrel.
The yen jumped across the board and remained on track to post its biggest single-day gain in 20 months as global growth concerns sent investors scurrying into the safe-haven of the Japanese currency.
The dollar fell more than 4 percent to hit as low as 104.10 yen, as weaker PMI data in China and Europe coupled with Apple's shock profit warning caused a fresh wave of risk aversion.
Meanwhile, Reuters reported, citing a survey that top oil exporter Saudi Arabia is likely to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins.
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