Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts [Reuters]
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Source: Reuters
Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts - Reuters 2 Min Read SINGAPORE (Reuters) - Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC for supply cuts to be extended. Front-month Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7%, below last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6%. Crude oil futures are now around 20% below their 2018 peaks reached in late April. “Slowing economic activity now threatens to derail our base case of robust cyclical (oil) demand growth,” said Bank of America Merrill Lynch in a note. South Korea’s economy shrank by 0.4% in the first quarter while core inflation slowed to a near 20-year low in May, data showed on Tuesday, pointing to a further economic slowdown in Asia. “We project Brent and WTI to ave
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