"Trade war and weak growth" cause oil prices to fall[/rtl]
[rtl]Release date:: 2019/8/31 11:05 • [rtl]5 [/rtl][rtl]read [/rtl]times[/rtl]
Oil prices fell by about 6% during the month of August, which witnessed many changes that led to fluctuations in prices between the rise and fall as a result of the trade war between America and China and weak economic growth.
Trade fears, worries about a slowing global economy and falling demand for crude continue to weigh on investor sentiment in the oil market.
Crude came under strong pressure today to exceed losses of 3 percent on the back of Hurricane Durian approaching Florida, which would also have a negative impact on crude.
Oil prices benefited yesterday from signs of optimism, as China made clear there was a possibility of a trade meeting with the United States next month.
Trade tensions have weighed on crude prices this month as the worsening trade situation between the world's two largest economies raises investor concerns about slowing global oil demand and consequently falling prices.
Brent crude futures for October delivery closed 2.33 percent lower at $ 59.08 a barrel, after hitting $ 61 earlier in trading.