Oil prices fall[/rtl]
[rtl]Editorial Date: 2019/6/4 0:00 • 301 times read[/rtl]
The price of oil fell on Monday as concerns about a drop in global demand for crude rose due to US trade disputes with Mexico and China, while stocks also fell on crude futures.
Brent crude futures were $ 61.28 a barrel, down 71 cents, or 1.2 percent.
West Texas Intermediate crude was down 25 cents, or 0.5 percent, at $ 53.25 a barrel.
Mexico said it would reject any American idea of receiving asylum seekers from Central America if raised during talks this week with the administration of US President Donald Trump, which threatens to impose fees because of immigration concerns.
The possibility of Mexico being charged at a time when oil prices have been affected by the long-term trade war between the United States and China.
Analysts said the fall in Wall Street, which tracks crude prices sometimes, has exacerbated oil futures losses.
Monday's comments from Saudi Arabia, OPEC's biggest producer, indicate that the Organization of the Petroleum Exporting Countries and its allies will continue to work toward stabilizing the oil market in the second half of the year.
"We will do what is necessary to maintain market stability after June," Saudi Energy Minister Khalid al-Falih was quoted by Arab News as saying. For me this means cutting stocks from their current high levels. "
Brent futures fell nearly 20 percent from their peak in 2018, as world supplies shrank following OPEC and Russian output cuts, as well as a drop in Iran and Venezuela's exports due to US sanctions.
A Saudi oil source said the kingdom pumped 9.65 million barrels of oil per day in May, which would entail a larger reduction than the target in the global agreement to reduce supplies. The target for Saudi Arabia's production under the OPEC-led agreement is 10.3 million bpd