Oil slips as demand worries outweigh supply concerns

Singapore, Aug. 29 (BNA): Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply.

 

Brent crude was down 19 cents, or 0.2%, at $84.23 a barrel by 0640 GMT, while U.S. West Texas Intermediate crude shed 24 cents, or 0.3%, to $79.86.

 

Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise rates further to cool stubborn inflation, Reuters reported.

 

Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply.

 

Brent crude was down 19 cents, or 0.2%, at $84.23 a barrel by 0640 GMT, while U.S. West Texas Intermediate crude shed 24 cents, or 0.3%, to $79.86.

 

Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise rates further to cool stubborn inflation.

 

China’s economic recovery has faltered on the back of a worsening property slump, weak consumer spending and tumbling credit growth, prompting Beijing to cut key policy rates to shore up activity in the world’s second-largest economy and oil consumer.

 

 

ZH