The Dow Jones Industrial Average struggled to rebound after it lost over 600 points on Monday as Brent crude oil prices fell below $70 per barrel, while U.S. West Texas Intermediate crude fell below the $60 mark.
The drop in oil prices come as U.S. President Donald Trump was hoping that the Organization of Petroleum Exporting Countries would pare down production–a sentiment shared by Saudi Arabia Energy Minister Khalid al-Falih, who said production would need to be cut in 2019 by a million barrels per day.
“The recent downward revision to the global economic growth forecast and associated uncertainties confirms the emerging pressure on oil demand observed in recent months,” OPEC said.
The markets struggled in yesterday’s session as lingering trade worries crept into the markets with reports that U.S. President Donald Trump is threatening to install more tariffs, particularly on vehicles manufactured overseas. Tuesday’s reports that Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He resuming talks didn’t help the markets get in the green.
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