(Montel) Oil prices slipped on Tuesday as economic concerns trumped fears over tightening crude supplies fuelled by ongoing Saudi Arabian and Russian output cuts.
The front-month contract for Brent crude North Sea oil was last seen down USD 0.92 at USD 92.37/bbl on Ice Futures, while the US WTI equivalent traded USD 0.92 lower at USD 88.76/bbl, with both benchmarks off 10-month highs hit last week.
The highest US interest rates since 2001 and Chinese housing market-related woes were “good reasons to be cautious” about recent optimistic crude oil demand forecasts,…
