SULAIMANI (ESTA) —Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply.
Brent crude was down $1.40, or 1.4%, to $98.63 a barrel by 0817 GMT, while U.S. West Texas Intermediate crude fell $1.00, or 1.1%, to $92.89.
Oil soared earlier in 2022, with Brent in March coming close to its all-time high of $147 a barrel after Russia’s invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.
(Esta Media Network/Reuters)
