Slowing Global Economy Fears Cause Oil To Drop – 4 July, 2019

Oil prices are on the decline again with fears of a slower global economic growth outlook and heightened tensions across the Middle East. International Brent crude oil futures dipped 0.1% to $63.25 per barrel, closing out the start of the week 0.8% lower. U.S. West Texas Intermediate crude futures dropped 1.1% to $56.72 per barrel, closing out the session on Wed in preparation for the U.S holiday the following day. Signs of a slower economy have led experts to believe oil demand in the U.S. has also slowed down, with ongoing Middle East tensions also greatly affecting prices.