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Saturday, July 2, 2022

Oil Prices Slide as Global Uncertainty Rises

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Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets.

Brent crude dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.15 a barrel, down 14 cents, or 0.4%.

The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies, U.S and China.

If oil tests $40 it could act as support in the medium term.

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