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Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts

Updated : June 04, 2019 08:09 AM IST

Front-month Brent crude futures, the international benchmark for oil prices, were at $60.88 at 0038 GMT. That was 40 cents, or 0.7 percent, below last session's close.
US West Texas Intermediate (WTI) crude futures were at $52.94 per barrel, down 31 cents, or 0.6 percent.
"We project Brent and WTI to average $70 per barrel and $59 per barrel respectively in 2019, and $65 per barrel and $60 per barrel in 2020," Bank of America said.
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