Oil prices eased for a second day on Tuesday on signs that global economic growt...
TOKYO - Oil prices eased for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week’s tanker attacks.
U.S. West Texas Intermediate crude futures were down 17 cents, or 0.3%, at $51.76. They dropped 1.1% on Monday. “The market is in a rut and desperately in need of some robust economic data to get it out of this funk,” said Stephen Innes, managing partner at Vanguard Markets in Bangkok. Putting further pressure on oil, the U.S. energy department said on Monday that shale oil output is expected to reach a record in July.Acting U.S. Defense Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.
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