Oil prices fall as World Bank cuts economic growth outlook

SINGAPORE: Crude oil futures fell on Thursday as the World Bank cut its global economic growth forecast, ending a two-day rally triggered by a sharp US inventory drawdown.

In its twice-yearly Global Economic Prospects report, the World Bank predicted the global economy would expand 2.8% this year, below its 3% outlook in January, with India recording the biggest growth of major economies for the first time, ahead of slowing China.