LONDON: Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.
Iran’s capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world’s supply flows. Crude rose more than 1 per cent on Monday.
On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US West Texas Intermediate crude slipped 20 cents to $56.02.
