www.Expertcommodity.com Oil dips as IMF cuts growth outlook; eyes on hurricane

Oil prices slipped on Wednesday after the IMF lowered its global growth forecasts, but markets were supported as Hurricane Michael moved toward Florida causing the shutdown of nearly 40 percent of U.S. Gulf of Mexico crude production.

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Benchmark Brent crude (LCOc1) was down 25 cents at $84.75 a barrel by 0735 GMT after a 1.3 percent gain on Tuesday. U.S. light crude (CLc1) was 25 cents lower at $74.71.

The International Monetary Fund downgraded its global economic growth forecasts for 2018 and 2019 on Tuesday, raising concerns that demand for oil products may slump as well.

Trade tensions and rising import tariffs are taking a toll on international commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the IMF said.

“Prices are peaking at the most opportunistic time given the waning global growth narrative,” said Stephen Innes, head of trading APAC at OANDA in Singapore.o wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

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