Quantcast
Connect with us

Oil prices fall as economic growth worries spread

Published

on

Oil prices fell on Tuesday as signs of a spreading global economic slowdown stoked concerns over future fuel demand.

International Brent crude oil futures were at $62.26 per barrel at 0410 GMT, down 48 cents, or 0.8 percent, from their previous close.

ADVERTISEMENT

U.S. West Texas Intermediate (WTI) crude futures were at $53.44 per barrel, down 0.7 percent, or 36 cents.

China on Monday reported its lowest economic growth figure since 1990, with GDP rising by 6.6 percent in 2018.

“Slowing manufacturing activity in China is likely weighing on demand,” said Singapore-based tanker brokerage Eastport on Tuesday, adding that industrial slowdowns tended to be leading indicators that only gradually fed into lower demand for shipped oil products.

In a sign of spreading economic weakness, South Korea’s export-oriented economy slowed to a six-year low growth rate of 2.7 percent in 2018, official data showed on Tuesday.

ADVERTISEMENT

This followed the International Monetary Fund on Monday trimming its 2019 global growth forecasts to 3.5 percent, down from 3.7 percent in last October’s outlook.

“After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising,” IMF Managing Director Christine Lagarde told reporters.

ADVERTISEMENT

Despite the darkening outlook, oil prices have been getting some support from supply cuts that started in late 2018 by the Organization of the Petroleum Exporting Countries (OPEC).

“The effects of OPEC-led cuts … will undoubtedly place a price floor under crude oil,” said Singapore-based brokerage Phillip Futures on Tuesday.

Reporting by Colin Packham in SYDNEY and Henning Gloystein in SINGAPORE; Editing by Joseph Radford and Tom Hogue

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and legal efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. And unlike other news outlets, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from billionaires and corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you. Click to donate by check.

Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news outlets, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



Report typos and corrections to: [email protected]. Send news tips to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump is terrified a recession is coming — and he has no plan if it does: report

Published

on

Economists and analysts overwhelmingly agreed this week that a recession is, if not looming, appearing to be much more likely in the near future than it was before.

But in President Donald Trump's White House, such pessimism is verboten. According to multiple reports, Trump's team has been emphasizing rosier economic numbers and brushing off signs of a coming downturn. Trump even suggested that he "suspects many economists and other forecasters are presenting biased data to thwart his reelection," according to the Washington Post. (Trump previously complained that positive economic reports under President Barack Obama were fake.)

Continue Reading

2020 Election

‘Pure baloney’: Conservative busts Trump over his bogus reason for holding off on some China tariffs

Published

on

Writing for the conservative Bulwark, columnist Andrew Egger called out Donald Trump's reasoning for his decision to hold off on some tariffs he plans to impose on China -- essentially saying the president is backing off because he now realizes he is dead wrong about the impact on American consumers.

On Tuesday the White House announced the postponement of Chinese imports that included cell phones, laptops and video game console that were  scheduled to go into effect on September 1 -- bumping the date out until 2 weeks before Christmas.

Continue Reading
 

Facebook

‘We will have her back’: Jewish constituents rally behind Rashida Tlaib amid Trump attacks

Published

on

"I can't wait to show my grandmother how I was supported by all of you—it would bring her so much joy," said Tlaib, who attended a rally organized by Jewish activists Friday night.

Dozens of Rep. Rashida Tlaib's Jewish constituents rallied in Detroit Friday evening during Shabbat to show solidarity with their congresswoman as she faces attacks from President Donald Trumpover her refusal to visit Israel under the Netanyahu government's restrictive conditions.

Continue Reading
 
 

Thank you for whitelisting Raw Story!

As a special thank you, from now until August 31st, we're offering you a discounted rate of $5.99/month to subscribe and get ad-free access. We're honored to have you as a reader. Thank you. :) —Elias, Membership Coordinator
LEARN MORE
close-link
close-image