Oil slips on China demand fears, supply worries limit losses | Reuters
Oil edged lower on Monday pressured by worries over slowing demand in China, although concern over tight global supply and the deepening Ukraine crisis kept Brent crude above $111 a barrel.
China's economy slowed in March as consumption, real estate and exports were hit, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war. read more
Brent crude , the global benchmark, fell 26 cents, or 0.2%, to $111.44 at 1055 GMT, sliding from the highest since March 30 of $113.80 hit earlier in the session. U.S. West Texas Intermediate was down 11 cents, or 0.1%, at $106.84.
"Some Asian investors booked profits as they became worried about slowing demand in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
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