Oil prices dipped on Monday amid worries about an economic slowdown and the Sino...
SEOUL - Oil prices dipped on Monday amid worries about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for oil demand.
U.S. West Texas Intermediate CLc1 futures were at $54.29 per barrel, down 21 cents, or 0.4%, from their last close.“Oil prices are falling at the start of the trading week due to lower demand forecasts published last week and pessimism about a U.S.-China trade deal,” said Alfonso Esparza, senior market analyst at OANDA in Toronto.
Mounting signs of an economic slowdown and a ratcheting up of the trade row have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency said on Friday.
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