Oil prices slipped on Tuesday, reversing earlier gains, as concerns of a possible global recession curtailing fuel demand outweighed supply disruption fears, highlighted by an expected production cut in Norway.
Brent crude fell $1.49, or 1.3%, to $112.01 a barrel by 1020 GMT.
US West Texas Intermediate (WTI) crude fell 15 cents, or 0.1%, to $108.28 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.
