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From Jin Chung
SEOUL (Reuters) – Oil prices tumbled on Monday amid fears of an economic slowdown and a trade war between China and the United States that led to slower demand growth prospects. world of crude.
At 0638 GMT, Brent crude futures prices were $ 58.40 per barrel, down 13 cents (0.2%) from the previous settlement price.
The WTI futures price (West Texas Intermediate) was $ 54.33 per barrel, down 17 cents (0.3%) from the previous close.
The Brent and WTI futures contracts fell last week. Brent lost more than 5% and West Texas Intermediate nearly 2%.
The trade dispute between the United States and China shook the global stock markets last week, and a sudden increase in US crude oil inventories put downward pressure on oil prices, which lost about 20% of their peaks of 2019 in April.
Goldman Sachs said Sunday in a memorandum that concerns over a trade war between the US and China leading to a recession were growing, and predicted that the two countries would not reach an agreement before the US presidential election. 2020.
The International Energy Agency said on Friday that growing signs of a slowing economy and escalating trade disputes have dampened growth in global oil demand at the slowest pace since the financial crisis hit. 2008.
The Parisian agency lowered its growth forecast for global oil demand in 2019 and 2020 to 1.1 million and 1.3 million barrels per day, respectively.
Meanwhile, two sources close to data from the Russian Ministry of Energy said that oil production in that country reached 11.32 million barrels a day between August 1 and 8, compared with an average of 11.15 million barrels a day in July.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed in July to extend their offer until January 2020 to support crude prices.
(Reuters)
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