SINGAPORE : Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.Brent crude slipped 48 cents, or 0.6 per cent, to $81.18 a barrel by 0045 GMT while U.S. West T
SINGAPORE : Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts.
Both contracts fell more than 5 per cent last week, their first weekly drop in five, as U.S. implied gasoline demand fell from a year ago, fuelling worries of a recession at the world's top oil consumer. Central banks from the United States to Britain and Europe are all expected to raise interest rates when they meet in the first week of May, seeking to tackle stubbornly high inflation.
Still, refining margins in Asia have weakened on record production from top refiners China and India, curbing the region's appetite for Middle East supplies loading in June.
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