Oil prices drifted lower on Tuesday, as weak global data raised concerns about f...
SINGAPORE - Oil prices drifted lower on Tuesday, as weak global data raised concerns about future demand for the commodity despite a positive boost from OPEC’s decision to extend supply cuts until next March.
U.S. crude futures for August CLc1 were down 25 cents, or 0.4%, at $58.84 a barrel, after touching their highest in over five weeks on Monday. While the U.S. and China agreed at a recent Group of 20 leaders summit to restart trade talks, indications that factory activity shrank across much of Europe and Asia in June while growth in manufacturing cooled in the United States weighed on oil prices.
The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020 as the group’s members overcame their differences in order to try to prop up the price of crude.
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