Brent, WTI Prices Drop
Oil prices fell on Monday as investors fretted over the outlook for global economic growth, while weekend talks between Iran and major powers ended on a generally positive note, suggesting an easing of tensions in the Middle East.
Brent crude futures were down by 37 cents, or 0.6%, at $63.09 a barrel by. Prices rose 1.6% last week. US West Texas Intermediate crude was down by 20 cents, or 0.4%, at $56.00 a barrel. WTI gained 1% last week, CNBC reported.
Economic growth in the United States slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
But growth outside the US is slowing faster, due partly to the impact of the US-China trade war.
“For global growth, the outlook there is looking shakier ... it’s not disastrous but it’s not shooting the lights out,” said Phin Ziebell, senior economist at National Australia Bank.
“Where does oil demand fit in a world where it looks like this big boom is now starting to tail off,” he said, pointing also to recent sluggish car sales around the world.
source: Financial Tribune
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