Oil prices slip on demand worries even as Covid lockdowns begin to ease

Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while US-China tensions added to negative sentiment.

Brent crude futures fell 21 cents, or 0.6 per cent, to $35.96 by 0120 GMT. US West Texas Intermediate (WTI) crude futures were down 31 cents, or 0.9 per cent, at $34.04 a barrel, the Reuters reported.

The Organization of the Petroleum Exporting Countries and producers including Russia, a grouping referred to as OPEC+, are cutting their output by nearly 10 million barrels per day in May-June to