Oil prices slipped on Tuesday after China cut benchmark lending rates less than some expected, sowing further concern over the oil demand outlook in the world’s largest crude importer. Brent crude was down 5 cents at $76.04 a barrel at 03:10 GMT. US West Texas Intermediate (WTI) crude for July was down 99 cents from Friday’s close at $70.79. The July contract expires at the end of trade on Tuesday.
The more active WTI crude contract for August delivery was down 71 cents from Friday at $71.22 per barrel. There was no settlement in the WTI contract on Monday due to a public holiday in the United States.
