Oil slips on China demand worries while EU weighs Russia oil ban | Reuters
Oil prices slipped on Tuesday in a second day of thin trading in Asia, pulled in opposite directions by China's COVID-19 lockdowns, which could weigh on fuel demand, and prospects for a supply hit from a possible European oil embargo on Russia.
Brent crude futures fell 23 cents, or 0.2%, to $107.35 a barrel at 0532 GMT, wiping out gains earlier in the day in trading thinned by holidays in China, Japan and parts of Southeast Asia.
U.S. West Texas Intermediate (WTI) crude futures similarly dropped 24 cents, or 0.2%, to $104.94 a barrel, after hitting an intraday high of $105.80.
Both benchmark contracts rose more than 40 cents on Monday and extended those gains modestly in early trade on Tuesday.
"The positive driver has been the EU embargo and whether that will be announced," said Commonwealth Bank commodities analyst Vivek Dhar.
No comments:
Post a Comment