Oil Falls For Second Day On Supply Worries

Oil prices fell for a second day running on Tuesday to slip below $68 a barrel as concerns about supply disruptions eased and the International Monetary Fund issued yet another warning about the damage from a trade war.

Investors are also digesting comments from the U.S. Treasury Secretary that some oil buyers could get waivers to continue buying Iranian oil.

“We’ll consider exemptions in certain cases if some countries cannot reduce oil purchases to zero overnight,” U.S. Treasury Secretary Steven Mnuchin said in remarks released on July 16.

U.S. West Texas Intermediate futures were down 0.2 percent at $67.94 a barrel after falling more than 4 percent on Monday. Brent oil futures for September delivery were down 0.3 percent at $71.58 a barrel.

China today said it is still confident of hitting its economic growth target of around 6.5 percent this year despite recent signs of weakness as a trade row with the U.S. intensifies.

Investment bank Goldman Sachs on Monday said it expects markets to be volatile in the short term due to uncertainties over disruptions to supply.

by RTTNews Staff Writer

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