By Henning Gloystein
SINGAPORE (Reuters) - U.S. oil prices slipped by 1 percent early on Wednesday, weighed down by a plunge in global stock markets amid concerns over an economic slowdown.
U.S. West Texas Intermediate (WTI) crude futures
International Brent crude oil futures
The slide in U.S. oil followed a tumble in global stock markets on Tuesday, with investors worried about the threat of a widespread economic slowdown.
Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.
Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown.
The bank said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.
Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.
(Reporting by Henning Gloystein; Editing by Joseph Radford)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)