Oil prices edge down as traders weigh slowing demand against supply curbs

Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook.

International benchmark Brent crude futures were down 11 cents or 0.2 per cent, from the previous settlement, to $58.46 a barrel by 0108 GMT. US West Texas Intermediate (WTI) futures were $54.81 per barrel, down 12 cents, or 0.2 per cent, from the last close.

Saudi Arabia, the de-facto Organisation of the Petroleum Exporting Countries (OPEC) leader, opened its books as part of plans to launch what could be the world’s largest initial public offering.