Oil slips amid demand concerns over trade deal uncertainty

ccording to media reports, Saudi Arabia, Russia, and other oil producers in the OPEC+ alliance agreed in Vienna last week to trim daily output by a total of 2.1mn barrels over Q1 2020.

Dec 10, 2019 06:12 IST India Infoline News Service

Crude Oil

Oil prices inched lower on Tuesday in Asia amid demand concerns as well as uncertainty around the US-China trade deal.

US Crude Oil WTI Futures fell 0.1% to $58.98/bbl, while International Brent Oil Futures were flat at $64.23/bbl.

According to media reports, Saudi Arabia, Russia, and other oil producers in the OPEC+ alliance agreed in Vienna last week to trim daily output by a total of 2.1mn barrels over Q1 2020. Oil prices soared last week following the news, however, the rally lost steam after weak Chinese export data was released.

Meanwhile, OPEC will release its monthly oil report on Wednesday, followed by a report on global supply and demand by the IEA.

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