Futures Movers: Oil market’s post-OPEC rally fades on trade-pact uncertainty

Oil futures prices slipped Tuesday, unable to extend the late-Monday gain that followed word of extended OPEC production cuts, with investors unable to shake demand worries tied to a vulnerable global economy and trade.

Analysts said the largely as-expected production extension packed few surprises and so may not fully offset the clouds forming on the demand side.

“Oil traders will now turn their attention to the economic data, as the weakening global activity and waning demand could again weigh on the sentiment,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note.

In early trading, August West Texas Intermediate crude CLQ19, -0.91% slipped 12 cents, or 0.2%, at $58.98 a barrel on the New York Mercantile Exchange.

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