Oil falls as economic concerns offset prospect of tighter supplies

Oil falls as economic concerns offset prospect of tighter supplies
# 15 May 2023 09:15 (UTC +04:00)

Oil prices slipped on Monday as concerns about fuel demand in top global oil consumers United States and China offset bullish sentiment about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves, APA reports citing Reuters.

Brent crude futures fell 62 cents, or 0.84%, to $73.55 a barrel by 0348 GMT while U.S. West Texas Intermediate crude was at $69.48 a barrel, down 56 cents, or 0.8%.

The U.S. could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday.

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