Oil prices slip as demand concerns outweigh efforts to curb supply - Reuters

Oil prices slip as demand concerns outweigh efforts to curb supply - Reuters:

Oil prices slipped on Tuesday, offsetting narrow gains in the previous session, as sluggish demand forecasts countered expectations that major producers would prop up oil prices by limiting crude oil output.

International benchmark Brent crude futures LCOc1 were down 18 cents or 0.3%, from the previous settlement, to $58.39 a barrel by 0310 GMT.

U.S. West Texas Intermediate (WTI) CLc1 futures were at $54.81 per barrel, down by 12 cents, or 0.2%, from the last close.

“Although the outlook remains bleak, oil prices have remained anchored this week after a rapid response from Saudi Arabia, who is serious about stepping in to defend the oil price,” Stephen Innes, managing partner at VM Markets Pte Ltd said in a note.