Economics
Oil Dips as Trade Standoff Muddies Outlook for Economic Growth
- Boston Fed president warns of risks; OECD trims projections
- API reports U.S. crude inventories rose 2.4 million barrels
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Oil closed lower amid warnings that the U.S.-China trade dispute may take an increasing toll on the economy.
Futures closed 0.2% lower in New York on Tuesday. Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to the central bank’s forecasts, while the Paris-based Organization for Economic Cooperation and Development downgraded its projection for global growth. Meanwhile, the industry-funded American Petroleum Institute reported U.S. crude stockpiles rose 2.4 million barrels last week, according to people familiar with the data.