Tariff Wars Pressure Global Economy And Oil Prices – 15 August, 2019

An unexpected rise in U.S. crude inventories and global demand fears left oil prices 3% lower, with weak data out of July and ongoing tariff uncertainty. International benchmark Brent crude dropped 3% or $1.82 to $59.48 per barrel. U.S. West Texas Intermediate crude futures fell 3.3% or $1.87 to $55.23, shedding most of the 4% gains from the previous session. A global economic slowdown has hit European countries, with the majority of pressure coming from the ongoing U.S.- China tariff disagreements. U.S. crude stockpiles grew by 1.6 million barrels, with inventories now reaching 440.5 million barrels, 3% above the five year average.