Crude fell for a second day amid a weakening global growth outlook and abundant crude supplies in the world’s largest economy.
Futures slid 1.5% in New York on Tuesday. Hopes for a resolution of key issues in the U.S.-China trade dispute are fading, souring prospects for a revival in energy demand. Meanwhile, the International Monetary Fund cut its 2019 global growth forecast for a fifth time.
Aside from the U.S.-China trade war, investors are also focused on supply increases in the U.S. The Energy Information Administration sees crude output at major shale plays across the U.S. rising 58,000 barrels a day to 8.97 million barrels a day in November.
West Texas Intermediate for November delivery fell 78 cents to settle at $52.81 a barrel on the New York Mercantile Exchange.
Brent crude for December settlement inched down 61 cents to end the session at $58.74 a barrel on the London-based ICE Futures Europe Exchange, and traded at a premium of $5.86 to WTI for the same month.
Source : Bloomberg