Oil drops nearly 3 percent on rising supplies, China slowdown | Reuters

Oil drops nearly 3 percent on rising supplies, China slowdown | Reuters:

Oil prices fell 3 percent on Tuesday over concerns the world’s stumbling economy could pinch fuel demand as U.S. crude output climbs to new heights and cuts by Saudi Arabia and its allies are smaller than advertised.

Gloomy new global growth forecasts by the International Monetary Fund and signs of a spreading slowdown in China weighed on crude prices as traders worried about supplies rising in 2019 despite lower prices.

Brent oil futures LCOc1 were down $1.82, or 2.9 percent, at $60.92 a barrel by 1:45 p.m. EST (1845 GMT). U.S. West Texas Intermediate (WTI) crude futures CLc1 fell $1.57, or 2.9 percent, to $52.23.