Oil slips as global demand concerns weigh, OPEC+ meeting eyed | Reuters

Oil slips as global demand concerns weigh, OPEC+ meeting eyed | Reuters

Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply.

Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production. read more

"These readings did nothing to mitigate the fears of recession," said Tamas Varga at oil broker PVM.

Brent crude was down $1.40, or 1.4%, to $98.63 a barrel by 0817 GMT, while U.S. West Texas Intermediate crude fell $1.00, or 1.1%, to $92.89.

Oil soared earlier in 2022, with Brent in March coming close to its all time high of $147 a barrel after Russia's invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.