Oil prices slip on global recession gloom
MELBOURNE: Oil prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum’s meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China.
Brent crude futures were down 38 cents, or 0.5%, at $84.08 at 0114 GMT, extending a 1% loss in the previous session.
US West Texas Intermediate (WTI) crude futures slid $1.16, or 1.5%, to $78.70 from Friday’s close. There was no settlement on Monday due to a U.S. holiday for Martin Luther King Day.
