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Oil trades in the red, WTI down 1.5%

By Jeff Davies

Crude oil futures traded around 1.5% lower on Tuesday, a day after the International Monetary Fund (IMF) reported that the global economic expansion is losing momentum in 2019.

The IMF also slashed its forecast for global growth to 3.5% this year and 3.6% in 2020. No-deal Brexit and the decline Chinese economic growth due to the ongoing trade war between Washington and Beijing have been highlighted as the main factors dragging the forecast lower.

West Texas Intermediate (WTI) for March delivery lost 1.55%, changing hands for $53.41 per barrel at 09:35 am GMT while the international benchmark Brent for settlements in the same month dropped 1.40% to trade for $61.93 per barrel at 09:36 am GMT.

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