Oil falls on weaker economic growth forecasts and swelling U.S. crude stocks - Reuters

Oil falls on weaker economic growth forecasts and swelling U.S. crude stocks - Reuters:

Oil prices fell on Tuesday, as investors worried that the unrelenting U.S.-China trade war would keep squeezing the global economy, and that swelling U.S. crude inventories would further pressure prices.

Losses were limited by optimism about a potential Brexit deal and signals from OPEC that further supply curbs are possible.

Global benchmark Brent LCOc1 futures lost 61 cents, or 1.0%, to settle at $58.74 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 78 cents, or 1.5%, to settle at $52.81.

Earlier in the session, both Brent and WTI fell by more than $1 a barrel following a report overnight that China’s factory gate prices in September declined at the fastest pace in more than three years. Also, customs data on Monday showed Chinese imports contracted for a fifth straight month.