(Montel) Oil prices were edging down on Tuesday – after rising 2% yesterday on the prospect of a further extension of production cuts by cartel Opec+ – as global recession fears continued to weigh.
The front-month contract for Brent crude North Sea oil was last seen down USD 0.42 at USD 81.90/bbl, while the WTI equivalent was USD 0.43 lower at USD 77.40/bbl.
Crude prices had rebounded since Friday but economic concerns still persisted and their possible impact on demand, with the “potential of a major worldwide recession” uppermost, said Christopher Lewis of FX Empire.
“It looks like the market is going…
