Crude oil prices were lower Tuesday morning after the OECD predicted slower economic growth in the US and China.
Slowdowns in Canada, Russia and Brazil are also seen.
With production outpacing demand thanks to OPEC’s insistence on a price war, crude oil has failed to sustain last week’s rally.
U.S. crude oil for October was down 60 cents at $45.50 a barrel on the New York Mercantile Exchange.
The next few week will be crucial to the direction of commodities prices. The Federal Reserve meets on September 16-17 to decide whether to raise interest rates.
The material has been provided by InstaForex Company – www.instaforex.com