Oil prices slip, rebound runs out of steam on demand worries | Reuters

Oil prices slip, rebound runs out of steam on demand worries | Reuters

Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment.

Brent crude oil futures shed 26 cents, or 0.4%, to $72.63 a barrel, as of 0645 GMT. U.S. West Texas Intermediate (WTI) crude was down 16 cents, or 0.2%, at $71.10 a barrel.

Both markets dropped more than 3% on Monday.

ANZ analysts in a note highlighted resurgent economic risks to major oil consumer China from the coronavirus pandemic.

"Cases of the highly contagious Delta variant have emerged in 14 of 32 provinces. This could see further mobility restrictions introduced," ANZ analysts wrote.