Oil falls on lower demand outlook, U.S.-China trade dispute

Oil prices fell on Monday amid worries about an economic slowdown and the U.S.-C...

LONDON - Oil prices fell on Monday amid worries about an economic slowdown and the U.S.-China trade war, which have led to a cut in the outlook for global oil demand.

U.S. West Texas Intermediate futures were at $53.89 per barrel, down 61 cents from their last close.Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices.

Goldman Sachs Group Inc said on Sunday it no longer expects a trade deal between the world’s two largest economies before the 2020 U.S. presidential election.

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