Oil prices inch lower as global economic worries outweigh tightening supply

SINGAPORE, June 20 (Reuters) – Oil prices edged lower on Monday, reversing earlier gains, as concerns about slowing global economic growth and fuel demand outweighed worries about tightening supplies.

Brent crude futures slipped 3 cents to $113.09 a barrel by 0515 GMT, after rising as much as 1% earlier. Front-month prices tumbled 7.3% last week, their first weekly fall in five.

U.S. West Texas Intermediate crude was at $109.42 a barrel, down 14 cents, or 0.1%, after rising more than $1 earlier. Front-month prices dropped 9.2% last week, the first decline in eight weeks.

(Source: Reuters, June 20-2022)

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