Crude oil prices slip on US-China tensions, rising virus cases
SINGAPORE/LONDON: Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets.
Brent crude dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.15 a barrel, down 14 cents, or 0.4%.
The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closures of consulates in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million.
