(MC)
Oil prices slipped in Asian trade on Thursday as fears of a sluggish demand recovery in the world’s top crude importer China offset the prospect of tighter supply, with top exporters Saudi Arabia and Russia cutting output. Brent crude futures dipped 25 cents, or 0.3%, to $76.40 a barrel at 0400 GMT, after settling higher 0.5% the previous day.
U.S. West Texas Intermediate crude fell 7 cents, or 0.1%, to $71.72 a barrel, after closing 2.9% higher in post-holiday trade on Wednesday to catch up with Brent’s gains earlier in the week. “Despite calls for supply cuts over past months, oil prices have largely remained locked within a ranging pattern as lingering caution around the demand outlook continues to put a cap on the upside,” said Yeap Jun Rong, market strategist at IG.
