© Reuters. FILE PHOTO: Pump jacks honest at sunset in an oil self-discipline in Midland, Texas
By Jane Chung
SEOUL (Reuters) - Oil prices dipped on Monday amid worries about an financial slowdown and the Sino-U.S. commerce battle, which get ended in a decrease in the expansion outlook for oil ask.
Worldwide benchmark Brent indecent futures () had been at $58.35 a barrel by 0249 GMT, down 18 cents, or 0.3%, from their old settlement.
U.S. West Texas Intermediate (WTI) () futures had been at $54.29 per barrel, down 21 cents, or 0.4%, from their final end.
Both benchmarks fell final week, with Brent losing larger than 5% and WTI falling about 2%.
"Oil prices are falling before every thing of the trading week due to the decrease ask forecasts printed final week and pessimism a couple of U.S.-China commerce deal," mentioned Alfonso Esparza, senior market analyst at OANDA in Toronto.
The U.S.-China commerce dispute rocked global equity markets final week, while a shock invent in U.S. indecent stocks added downward strain to grease prices, which get lost around 20% from their 2019 peaks reached in April.
Goldman Sachs (NYSE:) mentioned in a conceal on Sunday that fears of the U.S.-China commerce battle leading to a recession had been increasing and it expected a commerce deal between the two worldwide locations to happen before the 2020 U.S. presidential election.
Mounting indicators of an financial slowdown and a ratcheting up of the commerce row get precipitated global oil ask to grow at its slowest hurry since the monetary crisis of 2008, the Worldwide Energy Agency (IEA) mentioned on Friday.
The Paris-based agency decrease its 2019 and 2020 global oil ask exclaim forecast to 1.1 million and 1.3 million barrels per day (bpd), respectively.
In varied locations, Russia's oil production rose to 11.32 million bpd on August 1-8, up from 11.15 million bpd on sensible in July, in response to two enterprise sources conversant in the energy ministry knowledge.
In July, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia agreed to elongate their present cuts until March 2020 to prop up oil prices.
In a sign of decrease production in the United States, the weekly U.S. oil rig depend, an early indicator of future output, fell for a sixth week in a row as producers decrease spending on fresh drilling and completions.
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