Oil prices tumbled more than 6 per cent on Tuesday to eight-month lows as global producers and traders weighed the prospect of supplies overwhelming demand amid worries about a slowdown in economic growth.
Prices fell further after Opec’s research arm again reduced its forecast for 2019 oil demand growth in another sign Saudi Arabia and its partners inside and outside the cartel might be forced to curb supplies to bring the market into balance.
“There is no doubt that production needs to be cut, as the oil market is oversupplied,” said Carsten Fritsch at Commerzbank.
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