WASHINGTON (dpa-AFX) - Oil prices were moving lower on Tuesday despite producer club OPEC agreeing to extend supply cuts until next March.
Investors fretted about the outlook for crude demand after weak global manufacturing activity reinforced worries about slowing world growth.
Trade tensions persist as the United States intensified its fight with the European Union over aircraft subsidies, proposing tariffs on $4 billion of additional EU goods.
Benchmark Brent crude declined 0.3 percent to $64.88 a barrel, while U.S. crude futures for August delivery were down 0.2 percent at $58.97 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Monday to extend production cuts despite deepening geopolitical fractures between members of the group.
OPEC is slated to meet with Russia and other producers later today to discuss supply cuts amid surging U.S. output.
Russian President Vladimir Putin said last week the pact between OPEC and other oil producers to curb oil output has played a positive role in stabilizing oil markets and it is in the interests of both crude producers and consumers.
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