Oil dips further from 2019 highs on demand worries


Oil dips further from 2019 highs on demand worries

Oil fell about 2 percent on March 22, slipping further from 2019 highs as focus shifted to a lack of progress in US-China trade talks and as grim manufacturing data from Germany and the US reignited fears of a slowdown in the global economy and oil demand.

Wall Street’s main indexes tumbled between 1 and 2 percent on March 22 after manufacturers in Europe, Japan and the United States suffered in March as surveys showed trade tensions had impacted factory output, a setback for hopes the global economy might be turning the corner on its slowdown.

Brent crude futures settled at $67.30 per barrel, 83 cents, or 1.2 percent below their last close and down about 0.2 percent on the week. The contract hit a four-month high of $68.69 on March 21. Read More

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