Oil prices ease as traders weigh West Asia tensions, demand

Oil 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 West Asia 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% 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% at $56.16 per barrel.