Oil edges down as US supplies, economic worries eclipse Venezuela turmoil
Global oil markets are still well supplied thanks in part to a spike in US outputLONDON: Oil prices fell slightly on Friday as concerns about US-China trade talks and fresh data on surging US fuel stocks sent a chill through markets. The bearish sentiment appeared to outweigh the possibility that turmoil in Venezuela may lead to tighter global supply if the United States imposes sanctions on Venezuelan exports. Brent crude oil futures were at $60.86 a barrel at 1215 GMT, down $0.23 or 0.38%. Demand may start to stutter because of a global economic slowdown, which is likely to dent fuel consumption. According to Reuters’ polls of hundreds of economists worldwide, a synchronised global economic slowdown is under way and would deepen if the US-China trade war escalated.
Source: The Express Tribune January 25, 2019 14:26 UTC
