Oil slips on slowing global economy and despite Opec cuts

Meanwhile, US crude oil stockpiles were seen falling for a third consecutive week, a preliminary Reuters poll showed on Monday, also supporting prices.

Still, concerns of a weaker global economy denting oil demand growth capped price gains.

While the US and China agreed at a recent G20 leaders summit to restart trade talks, factory activity shrank across much of Europe and Asia in June, while growth in manufacturing cooled in the US weighing on oil prices.

Asian shares wobbled on Tuesday, US treasury yields fell and gold rebounded, while a tweet by US President Donald Trump saying any trade deal with China would need to be “somewhat tilted” in favour of Washington also stoked doubt over prospects for a trade deal between the top two economies.

Ipek Ozkardeskaya, senior market analyst at London Capital Group, said in a note, “Oil traders will now turn their attention to the economic data, as the weakening global activity and waning demand could again weigh on the sentiment.”  

Reuters