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Crude oil prices fall 1% on fears for global economy


Added 07-05-19 12:03:02am EST - “Crude oil prices fell on Friday as concerns over the outlook for global economic...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Crude oil prices fall 1% on fears for global economy”. Below is an excerpt from the article.

SYDNEY (Reuters) - Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Front-month Brent crude futures LCOc1 were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday.

Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world’s largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+.

“Global growth remains the main factor holding back crude prices,” said Alfonso Esparza, senior analyst at OANDA. “The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers.”

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