Global Economic Slowdown By Trade Tensions Cause Oil To Drop – 8 July, 2019

As trade disputes continue to be dragged out with no real resolution in sight, oil prices dipped as effects are starting to show on the global economy, though Middle Eastern tensions supported prices. After rising by 15 cents in the previous session, U.S. West Texas Intermediate crude futures fell 0.4% and by 20 cents to $57.46 per barrel. International benchmark Brent crude futures dropped by 0.3% and 21 cents to $$63.90 per barrel, adding to the 12 cent drop the previous session. Middle Eastern tensions have been counteracting the pressure on prices caused by U.S.- China trade war disputes as they enter their  second year without a resolution.