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6/17, 8:01 PM (Source: TeleTrader)
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Oil down 1% on economic slowdown worries

Crude prices continued to trade in the red on Monday with both the international benchmark Brent and the American West Texas Intermediate declining around 1% as investors grew increasingly worried about the global economic slowdown. Earlier in the day, the weaker-than-expected industrial output from China reignited fears of sluggish demand in oil.

Market watchers also digested Iraqi Oil Minister Thamir Ghadhban's remarks in which he called the global oil market "fragile" and said that his country is "confident" the United States will grant Iraq a 90-day waiver on the Iran oil sanctions.

WTI for July delivery declined 0.95%, changing hands for $52.07 per barrel at 1:49 pm ET while Brent for settlements in August dropped 1.23% to trade for $61.27 per barrel at 1:50 pm ET.

Breaking the News / VK