Oil prices slipped for a second straight day on Tuesday as a slowing global demand outlook outweighed OPEC’s deal with associated producers last week to deepen output cuts in 2020.
Brent crude was down 33 cents, or 0.5%, at $63.92 per barrel by 1134 GMT while West Texas Intermediate oil was 29 cents, or 0.5%, lower at $58.73 a barrel.
The benchmarks fell 0.2% and 0.3% respectively on Monday.
Last week, the Organization of the Petroleum Exporting Countries (OPEC) and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
However, crude prices have fallen this week as a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports loomed over markets.
