SINGAPORE (Reuters) – Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended.
Front-month Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7%, below last session’s close.
US - West - Texas - Intermediate - WTI
U.S. West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6%.
Crude oil futures are now around 20% below their 2018 peaks reached in late April.
Activity - Base - Case - Oil - Demand
“Slowing economic activity now threatens to derail our base case of robust cyclical (oil) demand growth,” said Bank of America Merrill Lynch in a note.
South Korea’s economy shrank by 0.4% in the first quarter while core inflation slowed to a near 20-year low in May, data showed on Tuesday, pointing to a further economic slowdown in Asia.
Brent - WTI - Barrel
“We project Brent and WTI to average $70 per barrel and $59 per...
Wake Up To Breaking News!
You've go to put up with Free Speech to have Free Speech!