• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 58 mins Joe Biden's Presidency
  • 25 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 4 hours Biden's National Security Director vows to release report on Khashoggi murder. Is it time to add to Brent futures long position ?
  • 26 mins The Debate Starts : Remake Republican Party vs. Third Party
  • 3 hours Rejoining Paris Climate Accord is Devestating
  • 19 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 7 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 11 hours An exciting development in EV Aviation: Volocopter
  • 11 hours JACK MA versus Xi Jinping
  • 1 day Did I Miss Something?
  • 1 day Investments worthy in versatile and clean natural gas
  • 1 day https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia narrowly beat Russia…

The Real Crisis For Oil Is Yet To Come

The Real Crisis For Oil Is Yet To Come

While energy companies have worked…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Drop As Demand Concerns Weigh On Markets

Oil prices were down early on Tuesday, with Brent Crude hitting its lowest level since January and WTI Crude at its lowest since February as trade disputes continued to weigh on the outlook on global economic and oil demand growth.

As of 09:56 a.m. EDT on Tuesday, WTI Crude was down 0.28 percent at $53.10, trading at its lowest levels since the middle of February, while Brent Crude was down 0.49 percent at $60.98—breaking below $61 a barrel and slumping earlier in the day to its lowest level since January this year.

Oil prices are now down by some 20 percent from the highs reached at the end of April.

In May, the protracted U.S.-China trade war and soaring U.S. oil production and inventories weighed down on the price of oil, which booked its worst monthly decline since November last year.

Analysts have started to warn that the U.S.-China trade conflict and the new trade dispute that the U.S. opened with Mexico just last week will start to impact global economic growth and lead to slowdown in economic activity and oil demand growth.  

Fearing an economic slowdown, investors have been seeking safe-haven assets in recent days, with gold prices at a three-month high, while shunning energy stocks and oil futures.

On Monday, Saudi Arabia tried to stop the oil price slide and talk prices up by reiterating that the Kingdom and OPEC would do “whatever it takes” to rebalance the oil market.

Oil prices ignored the Saudi reassurance, Warren Patterson, Head of Commodities Strategy at ING, said on Tuesday, noting that the market continues to be under pressure from the broader macro picture.

“While we do not believe that the market needs to see cuts extended, we do believe that given the pressure on the flat price that OPEC+ will be forced to extend its deal into the second half of the year,” Patterson said.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Brian Gregory on June 04 2019 said:
    So when do the production cuts become the "norm" and stop having an impact on the price of oil? In the beginning it was a shock ... but we've somehow figured out how to manage with the cuts thereby negating any impacts.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News