Oil prices ease on cautious demand prospects

18/06/2024 Argaam

Oil drilling rigs

Oil prices fell on Tuesday, after posting gains in the previous session, as markets remained cautious about global demand growth prospects amid expectations of stronger supplies.

 

Brent crude futures dropped 0.15%, or $0.13, to $84.12 a barrel at 03:16 GMT.

 

Meanwhile, futures prices for US West Texas Intermediate (WTI) crude rose 0.17%, or $0.14, to $80.19 per barrel.

 

 "The oil market shifted its focus back to fundamentals, which have been soft for some time," said BoFA commodity and derivatives strategist Francisco Blanch in a client note.

 

He added that global crude oil inventories and refined product storage in the US and Singapore, among other places, was higher.

 

China's oil refinery output slipped 1.8% from year-ago levels in May, statistics bureau data showed on Monday.

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