Oil dips over 2% on rising output

US crude was down $1.8, or 3.3%, at $53.3 a barrel and Brent crude was down $1.3 or 2.2% at $57.4Reuters  |  September 05, 2019, 08:04 IST
Oil dips over 2% on rising output LONDON: Oil prices fell more than 2% on Tuesday, weighed down by rising Opec and Russian oil output as well as the protracted US-China trade dispute that has dragged on the global economy.

“The gloomy mood has mainly been down to the US-China stand-off in trade talks as the two countries continue the tit-for-tat measures of implementing import tariffs on each other’s goods,” said Tamas Varga of oil brokerage PVM.