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Oil prices slip as demand worries outweigh OPEC supply cuts


Tuesday, 2 July 2019 08:58 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices slipped on Tuesday as worries that a weakening global economy would dent demand for the commodity outweighed OPEC's decision to extend supply cuts until next March.

Brent crude futures (LCoc1) for September delivery had dropped 33 cents, or 0.5%, to $64.73 a barrel by 00:34 GMT. They climbed more than $2 a barrel on Monday before paring gains later in the day.

U.S. crude futures for August (CLc1) had fallen 48 cents, or 0.8%, to $58.61 a barrel, after touching their highest in over five weeks on Monday.

The U.S.-China trade conflict has pressured global markets, stoking worries about demand for commodities such as crude oil.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend oil supply cuts until March 2020 as the group's members overcame their differences in order to try to prop up the price of crude.

Source : Reuters


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