Oil prices fall as economic concerns outweigh supply risks
Wednesday, 29 May 2019 08:26 WIB | ENERGY |MinyakMinyak WTIMinyak MentahMinyak Brent

Oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.85 at 01:01 GMT, down 26 cents, or 0.4%, from the last session's close.

U.S. West Texas Intermediate (WTI) crude futures were at $58.70 per barrel, down 44 cents, or 0.7%, from their last settlement.

Despite the economic concerns, global oil demand is so far holding up well, likely averaging over 100 million barrels per day (bpd) this year for the first time, according to data from the U.S. Energy Information Administration (EIA).

Source : Reuters

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