Singapore June 20 2022: Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies.
Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, their first weekly fall in five.
U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1%, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks.
Oil from Russia, the world’s second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow’s invasion of Ukraine, actions that Russia calls a “special operation”.
The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, although that is thinning the world’s buffer against further supply disruption.
