Oil prices fall on demand concerns, rising US output

LONDON: Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support.
Brent crude futures LCOc1 were down 20 cents or 0.3 per cent from the previous settlement at $58.29 a barrel by 0643 GMT. The international benchmark has lost over 20 per cent since hitting its 2019 high in April.
US West Texas Intermediate (WTI) CLc1 futures were at $54.69 per barrel, down 24 cents or 0.4 per cent. A deepening trade war between the United States and China, the world’s two largest economies and energy consumers, has weighed heavily on oil prices in recent months.
China’s central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday. A weaker yuan raises the cost of dollar-denominated oil imports into China, the world’s biggest crude oil importer. — Reuters