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Oil prices soften amid lingering demand concerns


10 Aug 2022 07:22

10 Aug 2022 07:22

(Montel) Crude oil prices slipped in early trading on Wednesday as concerns about sluggish global demand outweighed signs of supply tightness.

The front-month contract for Brent crude North Sea oil traded last down USD 0.57 at USD 95.78/bbl on Ice Futures, while the US WTI equivalent was USD 0.68 lower on the day at USD 89.82/bbl.

The Brent benchmark has shed more than 16% since last month’s peak of USD 114.75/bbl set on 5 July, weighed down by growing concerns about a global slowdown amid soaring inflation and…

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