Oil mixed, fears of slower demand weigh on sentiment | Reuters
Oil prices were mixed on Tuesday as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand, but strong Chinese economic data capped losses.
Brent crude futures were up 12 cents, or 0.2%, to $72.34 a barrel by 0947 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude was at $68.83 a barrel, down 46 cents, or 0.7%, from Friday's close, with no settlement price for Monday due to the Labor Day holiday in the United States.
"The deep cut in Saudi OSP and the aftershock of Friday's disappointing U.S. jobs data that strengthened the dollar yesterday were enough to put bulls on the backfoot," Tamas Varga of oil brokerage PVM said.
Saudi Aramco on Sunday cut October official selling prices (OSPs) for all its crude grades sold to Asia by at least $1 a barrel.
No comments:
Post a Comment