Oil Prices Edges Lower in Early Trading

Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after the Organization of the Petroleum Exporting Countries (OPEC) on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel. US West Texas Intermediate crude (WTI) futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while US crude futures had risen more than 4%. Markets are also preparing for Wednesdays US consumer price index (CPI) report that will give a crucial read on inflation, with investors now worried that an overly depressed CPI number will fan fears of a downturn. Rate cuts tend to raise economic activity, which increases the use of energy sources such as oil. Source: Qatar News Agency