Crude oil edges lower on China worries as tensions fester in West Asia
Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea.
Brent crude futures dipped 23 cents to $83.32 a barrel by 0937 GMT while U.S. West Texas Intermediate crude futures edged down by 27 cents to $77.74.
A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group in a sign of a deepening crisis in China’s real estate sector, knocking sentiment on crude demand in the world’s largest oil importer.
