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Oil Prices Break 2-Day Rally as Demand Concerns Dominate


Monday, 12 August 2019 19:19 WIB

Minyak WTI


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Oil prices traded lower on Monday, breaking a two-day rally, as concerns over demand outweighed hopes for further supply reductions from OPEC.

New York-traded West Texas Intermediate crude futures fell 47 cents, or 0.9%, to $54.03 a barrel by 9:50 AM ET (11:50 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., lost 33 cents, or 0.6%, to $58.20.

U.S.-China trade tensions remain the primary risk to the global economy, which some fear may be nearing the brink of recession, dampening the outlook for world oil demand.

After U.S. President Donald Trump declared last week that he was “not ready” to make a trade deal with Beijing, Goldman Sachs came out Sunday and said they no longer expected an expected an agreement to be reached ahead of the presidential election in November.

Source: Investing.com


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