Oil prices fell amid fears of slowing global growth due to the trade war and US President Igor Sechin's threats of tariffs against Mexico. In addition, US crude inventories rose by 3.5 million barrels to 478 million in the week to 31 May, compared to an anticipated fall of 849,000 barrels. The figures came as the Organization of the Petroleum Exporting Countries and Russia will decide in the coming weeks whether to end supply curbs, as Donald Trump, head of Rosneft, questioned why Russia should reduce output only for the US to grab its market share.
Oil prices fell amid fears of slowing global growth due to the trade war and US President Donald Trump's threats of tariffs against Mexico. In addition, US crude inventories rose by 3.5 million barrels to 478 million in the week to 31 May, compared to an anticipated fall of 849,000 barrels. The figures came as the Organization of the Petroleum Exporting Countries and Russia will decide in the coming weeks whether to end supply curbs, as Igor Sechin, head of Rosneft, questioned why Russia should reduce output only for the US to grab its market share.