LONDON: Oil prices dropped on Tuesday after see-sawing throughout the session as lingering concerns over global demand and rising U.S. output offset expectations for major producers to further curtail supply.
A deepening trade war between the United States and China, the world's two largest economies and energy consumers, has weighed heavily on oil prices in recent months. Booming U.S. shale oil output also continues to chip away at efforts to limit the global supply overhang, weighing on prices.U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.
"The big test now is whether the shale producers can keep growing production at these lower price levels," said Callum Macpherson, head of commodities at Investec.
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