NEW YORK, June 17 (Xinhua) -- Oil prices sank on Monday as fears of shrinking energy demand outweighed concerns over supply.
The West Texas Intermediate for July delivery decreased 0.58 U.S. dollar to settle at 51.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery fell 1.07 dollars to close at 60.94 dollars a barrel on the London ICE Futures Exchange.
The International Energy Agency slashed its 2019 outlook for global oil demand in a report released on Friday.
"The consequences for oil demand are becoming apparent," driven by global economic slowdown, according to the report.
Oil prices got some support from concerns over output disruptions amid lingering tensions in the Middle East following last week's attack on two oil tankers in the Gulf of Oman.
Market participants are also awaiting a decision by the Organization of the Petroleum Exporting Countries and other major oil producers including Russia on whether to extend a production cut pact that expires this month. Enditem
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