Oil slips on economic slowdown

SINGAPORE:On Monday, Oil prices dipped amid concerns that an economic downturn may dent fuel consumption.

According to a report in the Reuters, crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.

“A synchronized global slowdown in growth could push global demand growth to below 1 million bpd,” Bernstein Energy said in its report.