Oil prices fall as economic worries offset tightening supplies | Reuters

Oil prices fall as economic worries offset tightening supplies | Reuters

Oil prices slipped on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.

Brent crude for September fell 86 cents, or 1.1%, to $74.69 a barrel by 1240 GMT. U.S. West Texas Intermediate crude for August was at $73.71 a barrel, down 85 cents, or 1.1%.

Both benchmarks fell about 1% last week but remain close to highs last reached in October 2018. Brent climbed above $77 last week.

The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies said on Saturday.

“Traders are now refocusing on the spread of the COVID-19 pandemic and global concerns over the new variants’ expansion are weighing on prices, despite tightening oil supplies globally,” Rystad Energy analyst Louise Dickson said.