Oil Declines as Investors Focus on Gloomy Economic Outlook
- Ongoing U.S.-China trade war is weighing on demand picture
- IMF cuts 2019 global growth forecast for a fifth time
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Crude fell for a second day amid a weakening global growth outlook and abundant crude supplies in the world’s largest economy.
Futures slid 1.5% in New York on Tuesday. Hopes for a resolution of key issues in the U.S.-China trade dispute are fading, souring prospects for a revival in energy demand. Meanwhile, the International Monetary Fund cut its 2019 global growth forecast for a fifth time.