Oil prices fell on Monday amid fears of an economic slowdown and a trade war between China and the United States that led to a reduction in expectations of growth in global demand for crude.
By 0638 GMT, Brent crude futures were at $ 58.40 a barrel, down 13 cents, or 0.2 percent, from the previous settlement price.
U.S. West Texas Intermediate (WTI) crude futures were at $ 54.33 a barrel, down 17 cents, or 0.3 percent, from the previous close.
Brent and WTI crude futures fell last week with Brent down more than 5 percent and West Texas Intermediate down nearly 2 percent.
The US-China trade dispute shook global stock markets last week, and a sudden surge in US crude oil inventories put downward pressure on oil prices, which lost about 20 percent of their 2019 peaks in April.
Goldman Sachs said in a memorandum on Sunday that concerns about a US-China trade war leading to a recession were growing and predicted the two countries would not reach a deal before the US presidential election in 2020.
The International Energy Agency said on Friday that growing signs of an economic slowdown and escalating trade dispute had slowed growth in global oil demand to the slowest pace since the 2008 financial crisis.
The Paris-based agency cut its forecast for global oil demand growth in 2019 and 2020 to 1.1 million and 1.3 million barrels per day, respectively.
Meanwhile, two sources familiar with data from the Russian Energy Ministry reported that Russian oil production rose to 11.32 million barrels per day in the period from August 1 to August 8, compared with an average of 11.15 million barrels per day in July.
alforatnews.com/modules/news/article.php?storyid=207014
By 0638 GMT, Brent crude futures were at $ 58.40 a barrel, down 13 cents, or 0.2 percent, from the previous settlement price.
U.S. West Texas Intermediate (WTI) crude futures were at $ 54.33 a barrel, down 17 cents, or 0.3 percent, from the previous close.
Brent and WTI crude futures fell last week with Brent down more than 5 percent and West Texas Intermediate down nearly 2 percent.
The US-China trade dispute shook global stock markets last week, and a sudden surge in US crude oil inventories put downward pressure on oil prices, which lost about 20 percent of their 2019 peaks in April.
Goldman Sachs said in a memorandum on Sunday that concerns about a US-China trade war leading to a recession were growing and predicted the two countries would not reach a deal before the US presidential election in 2020.
The International Energy Agency said on Friday that growing signs of an economic slowdown and escalating trade dispute had slowed growth in global oil demand to the slowest pace since the 2008 financial crisis.
The Paris-based agency cut its forecast for global oil demand growth in 2019 and 2020 to 1.1 million and 1.3 million barrels per day, respectively.
Meanwhile, two sources familiar with data from the Russian Energy Ministry reported that Russian oil production rose to 11.32 million barrels per day in the period from August 1 to August 8, compared with an average of 11.15 million barrels per day in July.
alforatnews.com/modules/news/article.php?storyid=207014