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Oil prices slip for second day on global growth fears


Tuesday, 18 June 2019 19:27 WIB

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Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, though losses were capped by Middle East tensions after last week's tanker attacks.

Brent crude futures were trading 18 cents down at $60.76 a barrel by 12:03 GMT. U.S. West Texas Intermediate crude futures lost 3 cents to $51.90.

The New York Federal Reserve on Monday said that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

U.S. business sentiment has sagged as trade tensions have escalated between China and the United States and on signs of softness in the labor market.

Oil prices have fallen by about 20% from April's 2019 highs, partly because of concerns over the U.S.-China trade war and disappointing economic data.

Source : Reuters


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