Oil falls but Opec cuts offer some support
Brent is weaker after China cuts its 2019 economic growth target, dimming the outlook for fuel demand
Singapore — Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although Opec-led efforts to cut output still offered some support. US West Texas Intermediate (WTI) crude oil futures were at $56.28 a barrel at 4.26am GMT, down 31c, or 0.6%, from their last settlement. Brent crude futures were at $65.33 a barrel, down 34c, or 0.5%. “Near term … it is hard to get very bullish on oil prices. The market is still working off the surpluses built in the second half of 2018, keeping OECD commercial inventories stuck above the five-year average,” said energy analysts at economic research firm TS Lombard. Oil demand growth has been flagging along with an economic slowdown, especially in Europe and Asia. China said on Tuesday it was targeting economic growth of 6.0%-6.5% in 2019, down from the 6.6% growth reported last year, which was already the lowest in decades. Fuel efficiency is also improving, denting demand growth. Bank of Americ...
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