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2019-06-18 17:50:00

OIL PRICE: NOT ABOVE $62 YET

OIL PRICE: NOT ABOVE $62 YET

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.

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.

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.

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Earlier:

OIL PRICE: NOT ABOVE $62 YET
2019, June, 17, 13:25:00
OIL PRICE: ABOVE $61 ANEW
Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0750 GMT, having gained 1.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.
OIL PRICE: NOT ABOVE $62 YET
2019, June, 14, 11:20:00
OIL PRICE: ABOVE $61 AGAIN
Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2% in the previous session, but is on course for a weekly decline of 3.2%.
OIL PRICE: NOT ABOVE $62 YET
2019, June, 13, 16:50:00
OIL PRICE: NOT ABOVE $63 ANEW
Brent crude futures were up $1.91, or 3.18%, at $61.88 a barrel by 1039 GMT, having risen as much as 4.45% to $62.64. U.S. West Texas Intermediate crude futures were up $1.42, or 2.78%, at $52.56 a barrel. WTI earlier rose as much as 3.85% to $53.11.
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Tags: OIL, PRICE, BRENT, WTI