Oil Slides as Middle East Risks Mix With Economy Concerns - Bloomberg

Oil Slides as Middle East Risks Mix With Economy Concerns - Bloomberg:

Oil slid as a tepid demand outlook offset heightened tensions that threatened to disrupt Persian Gulf energy flows.

Futures in New York slipped 0.4% after climbing 1.7% over the past two sessions. Consultant FGE has revised its global oil demand forecast down to 740,000 barrels a day for 2019 and 920,000 barrels a day in 2020.

West Texas Intermediate for September delivery fell 24 cents, or 0.4%, to $55.98 a barrel on the New York Mercantile Exchange as of 7:53 a.m. local time. The August contract climbed 1.1% on Monday as it expired.

Brent for September settlement was 34 cents lower at $62.92 a barrel on the ICE Futures Europe Exchange, after rising 1.3% on Monday. The global benchmark was trading at a $6.88 premium to WTI.