TOKYO: Oil headed for its biggest drop in more than a week as signs the worsening US-China trade war will take a toll on global economic growth overshadowed the prospect of OPEC and its allies extending production curbs. Meanwhile, the sudden deterioration in US-China relations suggests the trade war is here to stay. The global crude benchmark traded at a US$9.14 premium to WTI. The Paris-based OECD cut its 2019 global growth forecast to 3.2% from 3.3% after lowering the projection from 3.5% in March. A worsening trade war could push WTI below US$60 a barrel, Mizuho’s Nakashima said.

Source: Libya Today May 22, 2019 04:17 UTC