Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply in spite of upcoming sanctions against Iran.
Benchmark Brent crude oil was down 15 cents a barrel at $77.19 by 0835 GMT. U.S. light crude was unchanged at $67.04.
Both contracts have recovered ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October.
Oil has been caught in the global financial market slump this month, with equities under pressure from the trade war between the world’s two largest economies.
Financial markets found some support on Tuesday from reports that U.S. President Donald Trump thinks “a great deal” with China is possible on trade.
But for now the dispute between Washington and Beijing goes on and looks set to curb global economic growth and fuel demand.
The International Energy Agency (IEA) said…
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