Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts [CNBC]
Bank of America Corporation (BAC)
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Source: CNBC
Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts Oil prices fell on Tuesday amid a global economic slowdown that is starting to hit oil demand, triggering calls in producer club OPEC Front-month Brent crude futures U.S. West Texas Intermediate 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 "We project Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020," Bank of America said. Oil prices were under downward pressure as "the tight supply focus (is) switching to increased risk of lower growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank. "An escalation of the ANZ bank said the price falls came "despite OPEC strongly hinting at further production cuts." The The gr
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