Oil prices ease as traders weigh Middle East tensions, demand
SINGAPORE: OilNSE -0.63 % prices inched lower on Tuesday as the International Energy Agency (IEA) said it would act quickly if needed to keep the market supplied amid tensions in the Middle East and traders eyed a weaker demand outlook.
Brent crude futures slipped 2 cents to $63.24 a barrel by 0121 GMT. The international benchmark rose more than 1 per cent in the previous session, following Iran’s seizure of a British tanker last week that stoked fears of supply disruptions from the energy-rich Gulf.
West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.11 per cent at $56.16 per barrel.
The International Energy Agency (IEA) said it was closely monitoring developments in the Strait of Hormuz.
