Oil prices drop because of worries about global demand

Reuters

Oil prices drop because of worries about global demand

Oil prices fell on Monday, as fears of an economic slowdown and a trade war between China and the United States had led to a reduction in growth expectations of global crude oil demand .

At around 0638 GMT, Brent traded at 58.40 dollars a barrel, down 0.2% from the previous settlement price.

West Texas Intermediate crude oil futures were $ 54.33 per barrel, down 0.3% from the previous close.

Futures on Brent and WTI fell last week. Brent lost more than 5% and the second 2%.

The trade dispute between the United States and China shook the global stock markets last week, and a sudden rise in US crude inventories put pressure on oil prices, which lost about 20 percent of their peak. 2019 recorded in April.

Source: Reuters

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