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Raw Petroleum Drops From 2019 Highs as Global Economic Concerns Grip Markets

Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by producer cartel OPEC still meant markets were relatively tight. International Brent crude oil futures were at $66.08 per barrel at 0220 GMT, down 42 cents, or 0.6 percent from their last close, but still not far off the 2019 high of $66.83 a barrel hit in the previous session. US West Texas Intermediate (WTI) crude futures were at $55.71 per barrel. While that was up 12 cents from their last settlement, it was below the $56.33 2019 high from the previous day. Traders said the slight downward correction was driven by concerns about the health of the global economy this year. Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally. "Addressing global trade tensions is key for improving the economic outlook," it said in a note. China's vice premie