Oil dips on possible easing of tight supply

Singapore, Aug. 22 (BNA): Oil edged lower on Tuesday as the market waited to see if Iraqi exports through the Ceyhan oil terminal would resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy weighed on the outlook for demand.

 

Brent crude was down 11 cents at $84.35 a barrel by 0651 GMT, while the more active U.S. West Texas Intermediate October contract slipped 10 cents to $80.02 a barrel, Reuters reported.

 

The front-month WTI contract that expires in September was up 17 cents at 80.89 a barrel.

 

 

M.I.