Oil prices soften; banking crisis and Chinese demand in focus
Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China.
Prices eased after rising at the fastest pace in more than four months on Monday. West Texas Intermediate US crude was down 1 cent, or 0.01 per cent, to $72.80 a barrel. Brent crude futures fell 19 cents to $77.93 a barrel by 0651 GMT.
“Though risks remain in the banking system amid the recent event, dip-buys in crude oil could be the prevailing trend in the near term,” said Tina Teng, an analyst at CMC Markets.
