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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Prices Inch Lower as China COVID, Recession Worries Outweigh Tight Supply

Oil China Recession United States Libya Covid-19
A train moves past oil tanks of the NNK-Primornefteproduct petroleum depot in the far eastern port of Vladivostok, Russia June 11, 2022. (Reuters)

Oil prices inched lower after seesawing through early trading on Tuesday, as worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China outweighed tight global supplies.

US West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to $120.71 a barrel at 0353 GMT, while Brent crude futures eased 25 cents, or 0.2%, to $122.02 a barrel.

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