Markets > Commodities

Oil prices fall amid demand worries

2019-11-13 04:53

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NEW YORK, Nov. 12 (Xinhua) -- Oil prices pared earlier gains to settle lower on Tuesday, weighed by concerns over weaker energy demand.

The West Texas Intermediate (WTI) for December delivery shed 0.06 U.S. dollar to settle at 56.80 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 0.12 dollar to close at 62.06 dollars a barrel on the London ICE Futures Exchange.

Traders continued to worry about a slowing global economy, which would dampen the outlook for fuel demand.

Market participants also grew concerned over a supply glut. The Organization of the Petroleum Exporting Countries (OPEC) and its allies are expected to discuss whether to implement bigger production cuts when they next meet in early December.

In July, OPEC and Russia, together with other non-OPEC members, agreed to extend a 1.2 million barrel a day production cut for nine months, a move designed to keep oil prices from falling.
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