Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts

Oil prices were pressured on Tuesday by an economic slowdown that has started to impact fuel consumption, although some support came from a Saudi Arabian statement that consensus was emerging with other producers over extending supply cuts.

Front-month Brent crude futures were at $61.06 at 0200 GMT. That was 22 cents, or 0.4 per cent , below last session’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.08 per barrel, down 17 cents, or 0.3 per cent , from their last settlement.

Oil futures are around 20 per cent below 2019 peaks reached in late April, with falls in May the sharpest monthly declines since November.