Singapore — Oil prices fell on Wednesday on concerns the Sino-US trade war could trigger a global economic downturn, but relatively tight supply amid Opec output cuts and political tensions in the Middle East offered some support. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.60 a barrel at 3.32am GMT, down 51 cents, or 0.7%, from the last session’s close. US West Texas Intermediate (WTI) crude futures were at $58.50 per barrel, down 64 cents, or 1.1%, from their last settlement. “Crude oil was weak … primarily as the bears on demand are winning compared to the bulls on supply,” James Mick, MD and energy portfolio manager at US investment firm Tortoise, said in an investor podcast. “Investors are concerned from a macro perspective about worldwide demand, particularly in the face of the growing trade dispute between the US and China,” he said. Fawad Razaqzada, analyst at futures brokerage Forex.com, said another concern was that “falls in em...
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