Oil prices slip as economic fears offset tightening crude supplies
NEW YORK: Oil prices fell on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key crude producers to raise output in the coming months stalled.
Brent crude for September fell 45 cents, or 0.6 per cent, to $75.10 a barrel by 12:08 p.m. EDT (1605 GMT). U.S. West Texas Intermediate crude for August was at $74.07 a barrel, down 49 cents, or 0.7 per cent.
Both benchmarks fell about 1 per cent last week but remain close to highs not seen since October 2018.
