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 The International Monetary Fund warned on Tuesday that the U.S.-China trade war will reduce global economic growth in 2019 to its slowest pace since the 2008-2009 financial crisis. In its latest World Economic Outlook, the IMF projects 2019 GDP growth at 3.0%, down from its previous forecast of 3.2% in July.

OPEC and its allied oil producers are committed to maintaining the stability of the oil market beyond 2020, OPEC’s Secretary-General Mohammad Barkindo said on Tuesday. "I have been hearing a resounding chorus from all the players that they are determined not to allow a relapse to the downturn that we just navigated out of," Barkindo told an industry conference in India. Barkindo also said that the U.S.-China trade war is affecting the global economy and oil demand, with financial markets having an increasingly bearish view of economic growth.

U.S. oil production from its top 7 shale formations is expected to rise in November by 58,000 bpd to reach a record-high of 8.971 mil bpd, the U.S. EIA said in a monthly forecast on Tuesday.

Turkey pressed ahead with its military offensive in northern Syria on Tuesday, despite growing calls for it to stop and the introduction of U.S. economic sanctions. U.S. military aircraft conducted a "show of force" in Syria after Turkish-backed fighters came in close proximity to American forces during the Turkish offensive, a U.S. official told reporters.