Oil prices fell on Wednesday on concerns the Sino-US trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support.
Front-month Brent crude futures, the international benchmark for oil prices, were at $69.85 at 0101 GMT, down 26 cents, or 0.4%, from the last session’s close.
US West Texas Intermediate (WTI) crude futures were at $58.70 per barrel, down 44 cents, or 0.7%, from their last settlement.
“Crude oil was weak, primarily as the bears on demand are winning compared to the bulls on supply,” James Mick, managing director and energy portfolio manager with US investment firm Tortoise, said in an investor podcast.
