Oil prices slip for second day on global growth fears

LONDON (Reuters) - Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, though losses were capped by Middle East tensions after last week’s tanker attacks.

Brent crude futures were trading 18 cents down at $60.76 a barrel by 1203 GMT. U.S. West Texas Intermediate crude futures lost 3 cents to $51.90.

The New York Federal Reserve on Monday said that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

U.S. business sentiment has sagged as trade tensions have escalated between China and the United States and on signs of softness in the labor market.

(Graphic: New York Fed Empire business survey - tmsnrt.rs/2XOP9Mc)

Oil prices have fallen by about 20% from April’s 2019 highs, partly because of concerns over the U.S.-China trade war and disappointing economic data.

U.S. President Donald Trump and China’s President Xi Jinping could meet at the G20 summit in Japan this month. Trump has said he would meet Xi at the event, though China has not confirmed the meeting.

Putting further pressure on oil, the U.S. energy department on Monday said that shale oil output is expected to reach a record high in July.

Fears of a confrontation between Iran and the United States have mounted since last Thursday’s oil tanker attacks, which Washington has blamed on Tehran. Iran has denied involvement.

“Oil prices appear unperturbed by the further escalation of the Iran crisis,” said Commerzbank’s Carsten Fritsch.

Iran on Monday said it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, adding that European nations still had time to save a landmark nuclear deal.

Acting U.S. Defense Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Saudi Arabian Energy Minister Khalid al-Falih on Monday said that countries need to cooperate on keeping shipping lanes open for oil and other energy supplies to ensure stable supplies.

He also said that Saudi exports and production are expected to remain at “about the same level” as the past few months.

Market participants are also awaiting a meeting between the Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, to decide whether to extend a supply reduction pact that ends this month.

Russian Energy Minister Alexander Novak on Tuesday said it was too early to make any decisions about the future of the agreement because of market uncertainties.

(Graphic: U.S., Russian, Saudi crude oil production - tmsnrt.rs/2QYNGAd)

Additional reporting by Aaron Sheldrick in TOKYO; Editing by David Goodman

Panorama Hispano is the regional news and information newspaper for Hispanic and other diverse communities.

US Hispanics are now the largest ethnic minority in the United States numbering 54.2 million as of July 2014. Serving: Buffalo, Rochester, Fredonia, Niagara Falls, NY and Erie, PA. Outside our Market area: Visit our affiliate at: http://www.impremedia.com/

Contact us: Contact@PanoramaHispanoNews.com

Featured News

May 6, 2021
Doctor In New York Giving Away Tesla Model 3 To Encourage COVID Vaccination 

We've seen plenty of efforts to encourage people to get vaccinated, but this is a biggie. Dr. Raul Vazquez hopes to encourage people to move forward with getting their COVID-19 vaccination by raffling off a brand-new Tesla Model 3. Vazquez is concerned about climate change, so this prize makes perfect sense to him. Plus, whether […]

Read More
May 5, 2021
States push back against use of facial recognition by police

COLUMBUS, Ohio (AP) — Law enforcement agencies across the U.S. have used facial recognition technology to solve homicides and bust human traffickers, but concern about its accuracy and the growing pervasiveness of video surveillance is leading some state lawmakers to hit the pause button. At least seven states and nearly two dozen cities have limited […]

Read More
May 5, 2021
Biden busca que el 70% de adultos estén vacunados para julio

WASHINGTON (AP) — El presidente Joe Biden fijó una nueva meta de vacunación para aplicar al menos una inyección contra el coronavirus al 70% de los estadounidenses adultos antes del 4 de julio, cuando el país celebra el Día de la Independencia. La demanda de vacunas ha disminuido notablemente en todo el país y algunos […]

Read More

popular categories

Copyright © 2021 Panorama Hispano News. All Rights Reserved.
crossmenuchevron-downmenu-circlecross-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram