Oil slumps 2.5% on oversupply fears, US-China trade talk concerns

Topics oil | Crude Oil | Crude Oil Prices

Oil fell more than $1 a barrel on Tuesday on concerns about excess global crude supply and limited progress toward resolving the US-China trade dispute that has clouded the outlook for oil demand. Brent crude futures fell $1.53, or 2.5 per cent, to settle at $60.91 a barrel.

US West Texas Intermediate (WTI) crude futures lost $1.84, or 3.2 per cent, to settle at $55.21 a barrel. Brent has rallied about 15 per cent this year, supported by a pact by the Organization of the Petroleum Exporting Countries and its allies, including Russia.

This article is no longer available in our repository.

There could be multiple reasons for this.