Oil slips as U.S. debt caution offset supply concerns

Singapore, May 22 (BNA): Oil prices fell on Monday as caution over US debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers.

Brent crude futures fell 48 cents, or 0.6%, to $75.10 a barrel by 0201 GMT, while US West Texas Intermediate crude for July delivery, the most actively traded contract, fell 45 cents, or 0.6%, to $71.24.

The June West Texas Intermediate contract, which expires later Monday, fell 52 cents to $71.03 a barrel, Reuters reported.

IG analyst Tony Sycamore said: The United States is the largest consumer of oil in the world.


Source link

READ MORE  Samsung to supply new advanced auto chip to Volkswagen

Leave a Comment