Singapore July 5 2022: Brent oil prices dipped on Tuesday, reversing earlier gains of $1, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by a potential production cut in Norway.
Brent crude futures for September settlement fell by 60 cents, or 0.5%, to $112.89 a barrel by 0638 GMT.
U.S. West Texas Intermediate crude climbed $1.13, or 1.1%, to $109.58 a barrel, from Friday’s close.
There was no settlement for WTI on Monday because of the Independence Day public holiday in the United States.
“Oil is still struggling to break out from its current recessionary malaise as the market pivots away from inflation to economic despair,” Stephen Innes of SPI Asset Management said in a note.
Investors are becoming more concerned about demand amid a broad tightening in global financial conditions as the U.S. Federal Reserve fights rampant inflation with rapid interest rate increases.
