SINGAPORE – Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6 percent, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5 0.6 percent. Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concern that the United States could enter a recession on 'significant risk' of a historic default within the first two weeks of June.

https://business.inquirer.net/400971/oil-falls-as-economic-concerns-offset-prospect-of-tighter-supplies

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