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6/18, 10:15 AM (Source: TeleTrader)
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Oil trades lower, Brent falls below $61 pb

Oil prices declined on Tuesday with Brent futures falling below $61 per barrel as fears of a global economic slowdown amid the trade dispute between the United States and China affected investment incentives.

The losses were somewhat offset by tensions in the Middle East following an attack on two oil tankers in the Gulf of Oman. Earlier, the US accused Iran of being responsible for the incident and noted it will deploy 1,000 more troops to address alleged threats from Tehran.

Brent for settlements in August slid 0.77% to sell for $60.50 per barrel at 4:01 am ET and West Texas Intermediate (WTI) for July delivery lost 0.40% to go for $51.78 per barrel at 4:02 am ET.

Breaking the News / NP