Sydney/Singapore — Oil prices fell on Tuesday as signs of a spreading global economic slowdown stoked concerns over future fuel demand. International Brent crude oil futures were at $62.26 a barrel at 4.10am GMT, down 48c, or 0.8%, from their previous close. US West Texas Intermediate (WTI) crude futures were at $53.44 a barrel, down 0.7%, or 36c. China on Monday reported its lowest economic growth figure since 1990, with GDP rising by 6.6% in 2018. “Slowing manufacturing activity in China is likely weighing on demand,” said Singapore-based tanker brokerage Eastport on Tuesday, adding that industrial slowdowns tended to be leading indicators that only gradually fed into lower demand for shipped oil products. In a sign of spreading economic weakness, South Korea’s export-orientated economy slowed to a six-year low growth rate of 2.7% in 2018, official data showed on Tuesday. This followed the International Monetary Fund (IMF) on Monday trimming its 2019 global growth forecasts to 3.5...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.