Oil mixed as fears of slower demand weigh on sentiment

A convoy of U.S. military vehicles, arriving from northern Iraq, drives past an oil pump jack in the countryside of Syria’s northeastern city of Qamishli on Oct. 26. (AFP)

SULAIMANI (ESTA) — Oil prices were mixed on Tuesday as some investors scooped up bargains following recent losses, while Saudi Arabia’s sharp cuts in crude contract prices for Asia sparked fears over slower demand and weighed on sentiment.

Brent crude futures rose 31 cents to $72.53 a barrel at 0713 GMT, after falling 39 cents on Monday.

U.S. West Texas Intermediate (WTI) was at $69.07 per barrel, down 22 cents from Friday’s close, with no settlement price for Monday due to Labor Day holiday in the United States.

“Brent came back as investors adjusted positions, but market sentiment remained weak due to slow demand in Asia and in the United States amid a resurgence of the pandemic,” Tetsu Emori, CEO of Emori Fund Management Inc, told Reuters.

Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, also said oil prices are expected to struggle to move higher as the U.S. summer driving season wanes after Labor Day weekend, according to Reuters.

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