Oil prices dip as gloom gathers over global economy

Oil prices dip as gloom gathers over global economy

Oil prices fell on Monday, extending last week’s heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.


Brent crude futures LCOc1 edged down 28 cents to 58.09 dollars a barrel by 0300 GMT, while U.S. West Texas Intermediate crude CLc1 was at 52.64 dollars, down 17 cents.

Both contracts ended last week with a more-than-5 per cent decline after dismal manufacturing data from the United States and China, as the lingering row between the world’s top economies hurts global growth and raises the risk of recession.

 US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal.

On the supply side, a faster-than-expected resumption in Saudi Arabia’s production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.

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