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Oil slips in Asian market as traders eye easing in supply cut at OPEC meet

Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while US West Texas Intermediate crude was at $40.27 a barrel, down 28 cents

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However, prices rose more than 2% on Friday after an upward revision by the International Energy Agency in its 2020 oil demand by 400,000 barrels per day

Florence Tan | Reuters Singapore

2 min read Last Updated : Jul 13 2020 | 8:48 AM IST

Oil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $40.27 a barrel, down 28 cents.

Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand recovery at the world's largest consumer.

However, prices rose more than 2% on Friday after an upward

Topics : Oil prices slip Asian markets OPEC meeting OIL supply Opec supply cut Brent crude oil

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