Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support.
US West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 per cent, from their last settlement. Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 per cent.
“Near term … it is hard to get very bullish on oil prices. The market is still working off the surpluses built in H2 2018, keeping OECD commercial inventories stuck above the five-year average,” said energy analysts at economic research firm TS Lombard.
