Oil prices fall on rising supply, global market woes

0

By Henning Gloystein

SINGAPORE (Reuters) – Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports.

Front-month Brent crude oil futures were at $77.18 a barrel at 0518 GMT, down 16 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were firmer, however, at $67.19 a barrel, up 15 cents from their last settlement, bringing down the spread between the two main oil price benchmarks to below $10 per barrel.

Overall, however, oil has been caught up in broad financial market slumps this month, with stocks falling again on Monday after a report Washington was planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.

High oil prices are hurting consumers and could dent demand, the executive director of the International Energy Agency (IEA) said on Tuesday.

Read more at : https://www.investing.com/news/commodities-news/oil-prices-fall-on-rising-supply-global-market-woes-1664882

LEAVE A REPLY

Please enter your comment!
Please enter your name here