Oil prices are on the decline as trade war fears over supply turmoil
Oil prices fell about 1% on Wednesday on fears that the US-China trade war could lead to a global economic slowdown, but the relative shortfall in oil supplies under Opec production cuts and political tensions in the Middle East gave some price support.
As of 0641 GMT, London Brent crude futures for the nearest month of 69.53 dollars a barrel, down 58 cents, or 0.8% compared to the previous closing price.
US West Texas Intermediate crude futures were $ 58.46 a barrel, down 70 cents, or 1.2 percent, from the previous settlement price.
Despite economic concerns, demand for global oil remains strong and is likely to record more than 100 million barrels per day on average this year for the first time, according to data from the US Energy Information Administration.
The Organization of the Petroleum Exporting Countries (OPEC) and some of its allies, including Russia, are meeting in late June or early July to discuss future production policy.
Russia's Deputy Prime Minister Anton Slyanov said on Wednesday his country would consider extending its agreement with OPEC to cut oil production.
Related topics
(t) US (t) Economic News (t) Business War
Post a Comment