ADVERTISEMENT

Oil dips on weak economic outlook, but Opec led cuts support


International Brent crude oil futures were at $62.30 per barrel at 0022 GMT, down 40 cents, or 0.6 percent, from their last close.  U.S. West Texas Intermediate (WTI) crude futures were down 37 cents, or 0.7 percent, at $53.43 a barrel.  U.S. bank J.P. Morgan said there were ongoing signs of economic uncertainty.

International Brent crude oil futures were at $62.30 per barrel at 0022 GMT, down 40 cents, or 0.6 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 37 cents, or 0.7 percent, at $53.43 a barrel. U.S. bank J.P. Morgan said there were ongoing signs of economic uncertainty.

SINGAPORE: Oil prices dipped on Monday, weighed down by expectations that China will report its weakest economic growth in almost three decades amid waning domestic demand and painful U.S. tariffs.

Still, analysts expect oil prices to be relatively well supported this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia.

Oil & Gas , Markets , Corporate News

   

ADVERTISEMENT