Oil falls 3pc on weak demand outlook

NEW YORK: Oil prices fell about three per cent to a two-week low on Tuesday as investors braced for Opec+ to boost output and worried US President Donald Trump’s tariffs would hit the global economy and slow demand for the fuel.

Brent crude futures fell by $1.70, or 2.6pc, to $64.16 per barrel at 1:34 p.m. EDT (1734 GMT). US West Texas Intermediate crude dropped by $1.55, or 2.5pc, to $60.50.

Both benchmarks were on track for their lowest closes since April 10.

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