Oil prices fall as economic concerns outweigh supply risks

By Trend

Oil prices fell on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support, Trend reports citing Reuters.

Front-month Brent crude futures, the international benchmark for oil prices, were at $69.85 at 0101 GMT, down 26 cents, or 0.4%, from the last session’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $58.70 per barrel, down 44 cents, or 0.7%, from their last settlement.