Oil loses ground as traders fret about global slowdown
Brent dips amid concern that an economic downturn may dent fuel consumption, but supply cuts and sanctions provide some support
Singapore — Oil prices dipped on Monday amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group Opec and US sanctions against Iran and Venezuela. Brent crude oil futures were at $67.03 per barrel at 2.31am GMT , down 13c, or 0.2%, from their last close, but not far off the $68.14 a barrel 2019-high reached last week. US West Texas Intermediate (WTI) futures were at $58.32 per barrel, down 20c, or 0.3%, from their last settlement, and also not far off their 2019-high of $58.95 from the previous week. “The greatest downside risk to our oil price view is demand weakness on slower economic growth. Our base case is that global oil demand will increase by 1.3-million barrels per day (bpd) in 2019…. A synchronized global slowdown in growth could push global demand growth to below 1-million bpd,” Bernstein Energy said on Monday. US manufacturing output fell for a second consecutive month in February, ...
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