Oil prices fall as global demand concerns grow


Oil prices fall as global demand concerns grow

Oil prices fell on Monday, weighed down by concerns about economic growth and signs of ample global supplies.
Global benchmark Brent crude was down 47 cents at $58.95 a barrel by 1153 GMT. US West Texas Intermediate crude oil declined 34 cents to $53.44 a barrel.

US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month, hoping to resolve a trade war that has rumbled on over the last year, slowing global economic growth.

But, adding to tensions, China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the era of President Barack Obama, a document showed.

“A rebound in upside potential looks unlikely at this stage given that bullish catalysts are in short supply,” said Stephen Brennock of oil broker PVM. Read More

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