Oil prices were pressured on Tuesday by an economic slowdown that has started to...
SINGAPORE - Oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts.
U.S. West Texas Intermediate crude futures were at $53.08 per barrel, down 17 cents, or 0.3%, from their last settlement. 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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