Oil prices edge down as global growth worries threaten demand

SYDNEY (Reuters): Oil prices edged lower on Tuesday as concerns over global economic growth stoked fears over future demand.

International Brent crude oil futures were down 10 cents, or 0.2%, at $62.64 by 0106 GMT. They closed down 0.1% on Monday.

US West Texas Intermediate (WTI) crude futures were at $53.70 per barrel, down 0.1%, or 4 cents.

“Trade war concerns have reduced global growth expectations and with it comes a lower demand for energy,” said Alfonso Esparza, senior analyst, OANDA.

The International Monetary Fund trimmed its global growth forecasts on Monday and a survey showed increasing pessimism among business chiefs, highlighting the challenges facing policymakers as they tackle an array of actual or potential crises, from the US-China trade war to Brexit.

Also clouding the outlook was data showing a slowdown in growth in China, the world’s second biggest economy.

Asian shares, US stock futures dented by growth worries