MELBOURNE : Oil prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum's meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China.Brent crude futures were down 38 cents, or 0.
MELBOURNE : Oil prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum's meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China.
U.S. West Texas Intermediate crude futures slid $1.16, or 1.5 per cent, to $78.70 from Friday's close. There was no settlement on Monday due to a U.S. holiday for Martin Luther King Day. At the same time, a survey of chief executives' views by PwC was the gloomiest since the firm launched the poll a decade ago.
ANZ also pointed to a jump in crude supply from Russia weighing on the market, with seaborne exports having risen to 3.8 million barrels per day last week, the highest level since April.
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