Oil prices to stay subdued on rising glut fears

Weak demand to keep WTI, Brent depressed despite OPEC output cuts

NEW YORK - Downside risks persist for crude oil following a 2018 year-end rout in both benchmark prices, despite a pledge led by the Organization of Petroleum Exporting Countries to cut output this year.

Caution has grown among investors on fears of a slack market stuck in oversupply and weak demand. Amid the compounded concerns, crude has been trading close to its 18-month low, with both benchmark prices dropping more than 40 percent since hitting their four-year highs in early October.