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.