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Crude Oil prices Slips on trade war concerns

10 Dec 2019 8:43 pm
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Mumbai (Commodities Control) - Oil prices slipped for a second straight day on Tuesday as a slowing global demand outlook outweighed OPEC's deal with associated producers last week to deepen output cuts in 2020.

Brent crude was down 11 cents, or 0.2%, at $64.14 per barrel by 1445 GMT, and West Texas Intermediate oil was 14 cents, or 0.2%, lower at $58.88 a barrel.

Last week, the Organization of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.

However, crude prices have fallen this week as a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports loomed over markets.

Analysts believe that the market will likely focus on trade talks developments, particularly with the 15 December deadline fast approaching.

Many Experts state that growth rate of China's imports of major commodities has accelerated in recent months, indicating Beijing's stimulus efforts may be bearing fruit and that the impact of a trade war may not be as bad as feared.

But investors remain on edge ahead of other events this week, with the British election on Thursday and U.S. and European Central Bank meetings.

Gazprom Neft CEO Alexander Dyukov said on Tuesday a decision by OPEC and its allies to cut output would help support oil prices at $55-65 per barrel in the first quarter.

U.S. crude oil inventories were expected to have dipped last week, while stocks of refined products were seen higher with gasoline stocks set to rise for the fifth straight week.

The American Petroleum Institute (API) is scheduled to release its data for the latest week at 4:30 p.m. EST (2130 GMT) on Tuesday, and the weekly EIA report is due at 10:30 a.m. on Wednesday.


       
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