Oil slips on worries that economic slowdown could weigh on fuel demand
Oil prices slipped on Tuesday as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran. U.S. West Texas Intermediate (WTI) crude futures were at $62.93 a barrel at 0131 GMT, down 17 cents, or 0.3 percent, from their last settlement.
On the supply-side, oil is in ample availability despite the sanctions against Iran. Photo courtesy: PTI