8/12/2019, 11:47 AM (Source: TeleTrader)
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Oil prices fall on demand slowdown expectations

Crude futures fell around 1% on Monday on concerns global oil demand will decline as a result of economic slowdown fears caused by the United States-China trade war.

The International Energy Agency (IEA) said last week that it revised its global oil demand outlook downward to 1.1 million barrels per day for this year and down to 1.3 million barrels per day in 2020. The IEA also warned the outlook is "fragile with a greater likelihood of a downward revision than an upward one" due to uncertainty over trade tensions as the US plans to hit China with more tariffs in September.

International benchmark Brent for October delivery slid 0.89% to sell for $58.02 per barrel at 5:35 am ET and West Texas Intermediate (WTI) futures for settlements in September dropped 1.36% to go for $53.76 per barrel at 5:34 am ET.

Breaking the News / NP