SINGAPORE : Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves.Brent crude futures fell 43 cents, or 0.6 per cent, to $73.74 a barrel by 0130 GMT wh
SINGAPORE : Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves.
Investors sought safe havens such as the U.S. dollar, strengthening the currency which makes dollar-denominated commodities more expensive for holders of other currencies. "With the uneven re-opening in China and concerns that the U.S is facing a growth slowdown at a time when the X-date for the debt ceiling is rapidly approaching, topped off by a rally in the U.S dollar, market sentiment towards crude oil will remain tepid at best," IG analyst Tony Sycamore said.
However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said.
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