Global oil prices fell on Tuesday to continue their losses for a second straight day on the mounting signs of a worsening global economic growth caused by the US-China trade war, as well as expectations that US oil production will accelerate to a new record high in July.
By 09:50 GMT, US crude dropped to $51.65 per barrel from the opening level of $51.91, with a high of $52.01 and a low of $51.50.
Brent crude dropped to $60.50 per barrel from the opening of $60.95 with a high of $61.01 and a low of $60.24.
US crude fell 1.1% yesterday, and Brent crude lost 1.7%, their first loss in three days, on the gloomy outlook for global oil demand growth.
Global oil prices lost an average of 2.5% over the past week, the third weekly loss in a month, under pressure from global trade wars and its negative impact on the global economy.
Oil prices have fallen more than 20% from their peak levels in 2019, hit in April, due to worsening trade disputes between the United States and China, and negative data from most of the world's major economies.
In the United States, the Federal Reserve Bank of New York said on Monday that its measure for business in New York fell sharply in June, hitting its lowest level in more than two and a half years, signaling a sudden contraction in domestic activity.
Whilst the US corporate sentiment declined as tensions over US-China trade worsened, marking a slowdown in activity in the world's largest economy.
The US Department of Energy said on Monday that the country's oil production is expected to reach a new record high in July. while the US production reached a new record high of 12.4 million barrels per day during the week ending in May 31.