AFP, New York :
Oil prices fell to two-month lows in new York Tuesday as the IMF lowered its global growth forecasts citing the impact of Britain’s vote to leave the European Union.
The International Monetary Fund said it expects the world economy to expand
3.1 percent this year, lower than it forecast in April. Slower overall growth would likely dampen the expansion of crude oil demand.
US benchmark West Texas Intermediate for August shed 59 cents to $44.65 a barrel compared with Monday’s close, its lowest since mid-May.
Prices fell in London as well, with the Brent contract for September delivery falling 30 cents to $46.66.
Market support weakened for a second day after the attempted military coup in Turkey spurred a weekend surge in buying.
In the wake of the coup’s failure, “the withdrawal of financial investors and an oversupply of oil products are putting prices under pressure,” said Commerzbank analyst Carsten Fritsch.
The market remains wary of the high stockpiles of crude and products around the world, and was on the watch for the US commercial inventories report to be released Wednesday.
Oil prices fell to two-month lows in new York Tuesday as the IMF lowered its global growth forecasts citing the impact of Britain’s vote to leave the European Union.
The International Monetary Fund said it expects the world economy to expand
3.1 percent this year, lower than it forecast in April. Slower overall growth would likely dampen the expansion of crude oil demand.
US benchmark West Texas Intermediate for August shed 59 cents to $44.65 a barrel compared with Monday’s close, its lowest since mid-May.
Prices fell in London as well, with the Brent contract for September delivery falling 30 cents to $46.66.
Market support weakened for a second day after the attempted military coup in Turkey spurred a weekend surge in buying.
In the wake of the coup’s failure, “the withdrawal of financial investors and an oversupply of oil products are putting prices under pressure,” said Commerzbank analyst Carsten Fritsch.
The market remains wary of the high stockpiles of crude and products around the world, and was on the watch for the US commercial inventories report to be released Wednesday.
