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2019-07-02 15:00:00

OIL PRICE: NEAR $65 YET

OIL PRICE: NEAR $65 YET

REUTERS - Oil prices slipped on Tuesday as concerns that the global economy could be slowing outweighed an agreement by OPEC and allies, including Russia, to extend supply cuts until next March.

Brent crude futures LCOc1 were down 15 cents, or 0.23%, at $64.91 a barrel by 1110 GMT.

U.S. crude futures for August CLc1 were down 12 cents, or 0.20%, at $58.97 a barrel, after touching their highest in more than five weeks on Monday.

The Organization of the Petroleum Exporting Countries along with other top producers, including Russia, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.

Meanwhile, U.S. crude oil stockpiles were seen falling for a third consecutive week, a preliminary Reuters poll showed on Monday, also supporting prices.

But signs of a global economic slowdown which may hit oil demand growth, means OPEC and its allies may face an uphill battle to shore up prices by reining in supply.

The United States and China agreed at the G20 leaders summit to restart trade talks, but factory activity shrank across much of Europe and Asia in June while growth in manufacturing cooled in the United States.

Asian shares wobbled on Tuesday, U.S. Treasury yields fell and gold rebounded, while a tweet by U.S. President Donald Trump saying any trade deal with China would need to be "somewhat tilted" in favor of Washington also stoked doubt over prospects for a trade deal between the top two economies.

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Earlier:

OIL PRICE: NEAR $65 YET
2019, July, 1, 12:05:00
OIL PRICE: ABOVE $66
Front-month Brent crude futures touched an intraday high of $66.75 a barrel and were up $1.80 at $66.54 a barrel by 0834 GMT. U.S. crude futures for August climbed $1.57 to $60.04 a barrel, after earlier hitting their highest in over five weeks at $60.28.
OIL PRICE: NEAR $65 YET
2019, June, 28, 12:15:00
OIL PRICE: ABOVE $65 YET
Brent crude futures were down 35 cents, or 0.5%, at $66.20 per barrel, WTI crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.
OIL PRICE: NEAR $65 YET
2019, June, 27, 18:40:00
OIL PRICE: ABOVE $65
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OIL PRICE: NEAR $65 YET
2019, June, 26, 14:10:00
OIL PRICE: NEAR $65
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2019, June, 25, 12:50:00
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OIL PRICE: NEAR $65 YET
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OIL PRICE: NEAR $65 YET
2023, February, 3, 11:15:00
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OIL PRICE: NEAR $65 YET
2023, February, 3, 11:10:00
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OIL PRICE: NEAR $65 YET
2023, February, 3, 11:05:00
INDIA GREEN TRANSITION $8 BLN
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