Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand,...
SINGAPORE - Oil prices fell on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts.
U.S. West Texas Intermediate crude futures were at $53.05 per barrel, down 20 cents, or 0.4%, from their last settlement. To prevent oversupply and prop up the market, the Middle East dominated producer club of the Organization of the Petroleum Exporting Countries , together with some allies including Russia, has been withholding supply since the start of the year to prop up the market.Saudi Energy Minister Khalid al-Falih said on Monday that a consensus was emerging among producers to continue working “to sustain market stability” in the second-half of the year.
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