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Oil is down on economic concerns despite tight supplies
Oil prices fell on Thursday, breaking some of the strong gains made in the previous session, as economic concerns raised doubts about the growth in current fuel demand.
By 0635 GMT, the WTI futures contract was $ 69.88 a barrel, down 49 cents, or 0.7 percent, from the previous settlement.
Brent crude futures fell 38 cents, or 0.5 percent, to $ 79.36 a barrel.
The declines are due to concerns about a possible slowdown in fuel demand growth due to trade disputes between the United States and China, the world's two largest economies, as well as emerging market turmoil.
A survey of hundreds of companies showed that US companies in China were affected by tariffs imposed in the escalating trade war between Washington and Beijing, prompting US trade lobbyists to urge the Bush administration to reconsider its approach.
The Trump administration called on Chinese officials to resume trade talks as Washington prepares to step up the US-China trade war by charging customs duties on Chinese goods worth 200 billion dollars.
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth for 2019, citing economic risks.
In its monthly report, OPEC said world demand for oil next year would rise by 1.41 million barrels per day (bpd), less than 200,000 bpd compared with last month, the second consecutive decline in expectations.
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