Oil prices slipped on Tuesday as worries about demand growth amid a deepening U.S.-China trade war overshadowed fresh efforts by OPEC and its non-OPEC partners to curb supply.
Benchmark Brent crude declined 0.3 percent to $58.38 a barrel while U.S. West Texas Intermediate (WTI) futures were down 0.25 percent at $54.78 a barrel.
Singapore's government cut its forecast for economic growth this year to almost zero against a challenging external macroeconomic backdrop and the deepening downturn in the global electronics cycle.
Goldman Sachs Group Inc said on Sunday that fears of the U.S.-China trade war leading to a recession are increasing and that it no longer expects a trade deal between the world's two largest economies before the 2020 U.S. presidential election.
As the U.S.-China trade row casts its shadow over markets, investors are waiting to see whether OPEC will significantly slash production in the coming year to counter sliding demand.
Saudi Arabia, the de-facto leader of the OPEC, said late last week it is taking steps to keep its crude oil exports below 7 million barrels per day in August and September.