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Oil Prices Falling on Lingering Concerns or Attendance Demand at Investing.com



© Reuters.

Investing.com – Oil prices fell on Tuesday in Asia amending concerns of globalization globalization.

US. fell 0.4% to $ 57.45 at 12:40 AM ET (04:40 GMT). International were down 0.3% to $ 63.92.

Oil prices have been under pressure about weakening demand.

Concerns that the Sino-US trade deploy might drag on for a while, even after the two sides agreed to resume talks The countries are the world's largest oil consumers.

"Concerns on the outlook for the global economy seem to be outweighing big events like the Middle East tensions at the moment. , "Said Sungchil Will Yun, a commodities analyst at HI Investment & Futures Corp., in a Bloomberg report.

Meanwhile, US Federal Reserve chair Jerome Powell will testify before Congress on monetary policy and the state of the US economy on Wednesday and Thursday. Traders will be looking to find out if Powell is still leaning toward a rate cut after Friday's stellar U.S. jobs report for June suggested the economy may be too strong to justify and easing.

On the data front, Industry and government reports due later in the week are expected to show that crude stockpiles dropped 3.6 million barrels, according to a preliminary Reuters poll

Other news, tensions in the Middle East remained in focus after Iran admitted over the weekend that it had increased uranium enrichment beyond the purity threshold agreed in a nuclear deal Speaking on Sunday, US.

President Donald Trump warned that Tehran was better informed about the decision, which he claimed to be in the development of nuclear weapons.

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