Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week’s tanker attacks. Brent crude futures were trading down 40 cents, or 0.7%, at $60.54 a barrel by 0701 GMT.
They fell 1.7% in the previous session on concerns about slowing global growth. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.5%, at $51.65. They dropped 1.1% on Monday. The New York Federal Reserve said on Monday that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.
U.S. business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market. “The (oil) market is in a rut and desperately in need of some robust economic data to get it out of this funk, Read More
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