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NEW YORK: Brent crude oil slipped more than one per cent in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day’s gains.
The focus in the wider financial market is firmly on the release on Wednesday of the minutes of the US Federal Reserve’s latest meeting, after recent data raised the risk of interest rates remaining higher for longer.
Global benchmark Brent crude was down $1.13 at $82.94 a barrel by 10:56 a.m. EST (1556 GMT).
US West Texas Intermediate crude (WTI) for March, which expires on Tuesday, fell 24 cents to $76.10. The second-month contract slipped 25 cents at $76.30.
The price moves today “seem to be more technical in nature,” said Phil Flynn, analyst at Price Futures Group.