Oil loses ground in tug-of-war over supply and demand
Opec extends production cuts but its strategy is losing its potency when faced with slowing global economy and strong US shale output
02 July 2019 - 09:08
Singapore — Oil prices drifted lower on Tuesday, as weak global data raised concerns about future demand for the commodity despite a positive boost from Opec’s decision to extend supply cuts until next March.
Brent crude futures for September delivery were trading down 15c, or 0.2%, at $64.91 a barrel by 0311 GMT after dipping to $64.66 earlier. Brent climbed more than $2 a barrel on Monday before paring gains later in the day...
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