Oil prices drop as fears over trade war, weaker demand return to haunt market

Oil prices slipped on Tuesday for a second straight session as the cons of a slowing global demand outlook outweighed the pros of OPEC’s agreement with associated producers at the end of last week to deepen crude output cuts in early 2020.

Brent futures were down 11 cents, or 0.2 per cent, at $64.14 per barrel by 0738 GMT. West Texas Intermediate oil futures were 10 cents, or 0.2 per cent, lower at $58.92 a barrel. The benchmarks fell 0.2 per cent and 0.3 per cent respectively on Monday.