SINGAPORE :Oil prices slipped in Asian trade on Thursday as fears of a sluggish demand recovery in the world's top crude importer China offset the prospect of tighter supply, with top exporters Saudi Arabia and Russia cutting output.Brent crude futures dipped 25 cents, or 0.3 per cent, to $76.40 a barrel at 0
SINGAPORE :Oil prices slipped in Asian trade on Thursday as fears of a sluggish demand recovery in the world's top crude importer China offset the prospect of tighter supply, with top exporters Saudi Arabia and Russia cutting output.
U.S. West Texas Intermediate crude fell 7 cents, or 0.1 per cent, to $71.72 a barrel, after closing 2.9 per cent higher in post-holiday trade on Wednesday to catch up with Brent's gains earlier in the week. "Near-term, a move above the key $80.00 level may be needed to provide some conviction for the bulls," Yeap added.
Weighing on the demand outlook, China's services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum.
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Oil prices steady as China demand fears offset tighter supply forecastsTOKYO : Oil prices moved little in early Asian trade on Thursday as the prospect of tighter supply with output cuts from Saudi Arabia and Russia and a bigger-than-expected drop in U.S. crude stocks were offset by worries over a sluggish demand recovery in China.Brent crude futures was down 2 cents to $76.
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