Global Oil declined nearly 2 percent on Tuesday and the Washington and China concerned on two major issues of Intellectual property Rights and the Chinese subsidies that discriminate against foreign investors besides China weak economic data.
The WTI crude and the Brent also suffered the stroke of International Monetary Fund on revising downward its 2019 global growth forecast to 3.5% from October’s 3.7%.
WTI on Tuesday slipped to $1.03, or 2.3%, at $52.57 a barrel, after Friday’s surge of 3.3%.
Whereas, the benchmark Brent lowered $1.24, or 2%, to $61.50 after last trade gain of around 2.5%.
Witnessing China’s oil imports hit a record above 10 million bpd in late 2018, one would not see any real evidence of China slowdown, Commodity gurus said.
