By Henning Gloystein
SINGAPORE (Reuters) – Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports.
Front-month Brent crude oil futures were at $77.18 a barrel at 0518 GMT, down 16 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were firmer, however, at $67.19 a barrel, up 15 cents from their last settlement, bringing down the spread between the two main oil price benchmarks to below $10 per barrel.
Overall, however, oil has been caught up in broad financial market slumps this month, with stocks falling again on Monday after a report Washington was planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.
High oil prices are hurting consumers and could dent demand, the executive director of the International Energy Agency (IEA) said on Tuesday.