Crude oil prices continued to tumble Tuesday morning amid concerns about Chinese demand and rising supplies.
Chinese stocks have plunged this summer, meaning less demand from one of the world’s largest consumers of energy products.
Meanwhile, easing geopolitical tensions could see even more oil come to market as Iran ramps up production.
A stronger U.S. dollar is also hurting oil.
U.S. crude oil for September was down 27 cents at $47.14 a barrel, having briefly slipped below $47 for the first time in a few months.
The 2-day Federal Reserve meeting kick off today, although the monetary policy announcement is not due until tomorrow.
The material has been provided by InstaForex Company – www.instaforex.com