Oil marginally lower as global economic concerns loom

Singapore, Aug. 28 (BNA): Oil prices were marginally lower on Monday as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand.

 

Brent crude fell 8 cents, or 0.1%, to $84.40 a barrel by 0330 GMT, while U.S. West Texas Intermediate crude was at $79.78 a barrel, down 5 cents, also 0.1%, Reuters reported. 

 

Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the U.S. central bank may need to raise rates further to cool still-too-high inflation.

 

Oil rose in early Asian trade before paring gains, as China’s move to halve stamp duty on stock trading to boost struggling markets temporarily pushed up prices.

 

 

ZH