Oil prices drop as trade war concerns haunt market

• Oil prices slipped for a second straight session on Tuesday as a slowing global demand outlook outweighed OPEC’s deal with associated producers last week to deepen output cuts in 2020.
• Brent crude was down 17 cents, or 0.3%, at $64.08 per barrel by 0954 GMT while West Texas Intermediate oil was down 21 cents, or 0.4%, lower at $58.81 a barrel.
• The benchmarks fell by 0.2% and 0.3% respectively on Monday.
• Last week, OPEC and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
• However, crude prices have fallen this week as a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports loomed over markets.

(Source: Reuters)