Oil prices fell on Monday, dragged down by an economic slowdown and worries abou...
SEOUL - Oil prices fell on Monday, dragged down by an economic slowdown and worries about the Sino-U.S. trade war, which have led to a cut in the growth outlook for oil demand.
International benchmark Brent crude futures LCOc1 were at $58.25 a barrel by 0007 GMT, down 28 cents, or 0.5%, from their previous settlement. The U.S.-China trade dispute rocked global equity markets last week, while a surprise build in U.S. crude stocks added downward pressure to oil prices, which have lost around 20% from their 2019 peaks reached in April. [EIA/S]
The Paris-based agency cut its 2019 and 2020 global oil demand growth forecast to 1.1 million and 1.3 million barrels per day , respectively.
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