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Oil prices edge down as traders weigh slowing demand against supply curbs


Tuesday, 13 August 2019 19:25 WIB

Minyak WTI


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Oil prices dropped on Tuesday after see-sawing throughout the session as lingering concerns over global demand and rising U.S. output offset expectations for major producers to further curtail supply.

Brent crude futures were down 45 cents, or 0.7%, from the previous settlement at $58.12 a barrel at 1150 GMT. The international benchmark has lost more than 20% since hitting its 2019 high in April.

U.S. West Texas Intermedia tefutures were at $54.34 per barrel, down 59 cents, or about 1%.

A deepening trade war between the United States and China, the world's two largest economies and energy consumers, has weighed heavily on oil prices in recent months.

U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.

Source: Reuters


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