Oil prices dipped on Tuesday as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran.
U.S. West Texas Intermediate (WTI) crude futures were at $62.93 a barrel at 0021 GMT, down 17 cents, or 0.3 percent, from their last settlement.
Brent had yet to trade, with liquidity of the international benchmark expected to be low on Tuesday due to a holiday in Asia’s oil trading hub of Singapore.
Analysts said expectations of an economic slowdown in coming months was outweighing supply-side risks to crude markets from the reintroduced U.S. sanctions against Iran, which started on Monday. Read more
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