Oil dips as emerging market woes dim demand outlook | Reuters

Oil dips as emerging market woes dim demand outlook | Reuters:

Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, but U.S. sanctions against Iran pointed toward tighter supply ahead. 

Benchmark Brent crude oil LCOc1 was down 25 cents at $72.56 per barrel by 0725 GMT. U.S. light crude CLc1 was 25 cents lower at $67.38 a barrel.

Turkey’s financial crisis has raised the risk of contagion throughout emerging economies, dragging down South Africa’s rand, Argentina and Mexico’s pesos, Russia’s rouble and emerging market stocks, and curbing growth and the outlook for oil demand.