Oil prices slip on rising supply, trade tensions ( 100% SURE MCX HNI CALLS) WWW.TRADEMAXINDIA.COM CALL@ (8218997961/8218995526)


Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.

Benchmark Brent crude oil LCOc1 was down 15 cents a barrel at $77.19 by 0835 GMT. U.S. light crude CLc1 was unchanged at $67.04.

Both contracts have recovered ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October.

Oil has been caught in the global financial market slump this month, with equities under pressure from the trade war between the world’s two largest economies. markets found some support on Tuesday from reports that U.S. President Donald Trump thinks “a great deal” with China is possible on trade. for now the dispute between Washington and Beijing goes on and looks set to curb global economic growth and fuel demand.

The International Energy Agency (IEA) said on Tuesday high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. are two downward pressures on global oil demand growth. One is high oil prices, and in many countries they’re directly related to consumer prices. The second one is global economic growth momentum slowing down,” IEA chief Fatih Birol told an energy conference in Singapore.





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