Oil falls as economic concerns offset prospect of tighter supplies

Singapore, May 15 (BNA): Oil prices fell on Monday amid worries about fuel demand in the world’s two major oil consumers, the United States and China, offsetting bullish sentiment about supply curtailment from any OPEC+ cuts and resumption of US buying for reserves.

Brent crude futures fell 62 cents, or 0.84%, to $73.55 a barrel by 0348 GMT, while US West Texas Intermediate crude recorded $69.48 a barrel, down 56 cents, or 0.8%.

Last week, both benchmarks fell for the fourth week in a row, in the longest streak of weekly declines since September 2022, Reuters reported.

Investors have sought safe havens such as the US dollar, which has strengthened the currency and made dollar-denominated commodities more expensive for holders of other currencies.

“Oil prices remain under pressure due to the stagnant demand outlook as the reopening of the Chinese economy appears to be tortuous,” said Tina Ting, an analyst at CMC Markets, adding that the defeat of US banks has also caused market jitters.


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