Oil Prices Fall Amid Economic Slowdown, Despite Ongoing OPEC Supply Cuts

www.oann.com | 7/25/2005 | Staff
crazycool12crazycool12 (Posted by) Level 4
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...
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