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US oil prices edge down amid uncertain global economic outlook

Updated : January 16, 2019 08:09 AM IST

Oil prices jumped around 3 percent on Tuesday when China's National Development and Reform Commission signalled a willingness to offer more fiscal stimulus following weaker-than-expected trade figures earlier in the week.
The outlook for the global economy was darkened further when British lawmakers on Tuesday overwhelmingly rejected Prime Minister Theresa May's deal to leave the European Union.
Global demand has emerged as a key driver for oil prices as fears of oversupply were tempered when the Organisation of the Petroleum Exporting Countries and major crude producer Russia said late last year that they would cut supply.
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