Oil prices slip on rising supply, trade tensions
© Reuters. FILE PHOTO - An employee holds a gas pump to refill a car at a petrol station in central Seoul
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Oil prices slipped on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
Benchmark Brent crude oil was down 15 cents a barrel at $77.19 by 0835 GMT. U.S. light crude was unchanged at $67.04.
Both contracts have recovered ground over the last week but are around $10 a barrel below four-year highs reached in the first week of October.
Oil has been caught in the global financial market slump this month, with equities under pressure from the trade war between the world's two largest economies.
Financial markets found some support on Tuesday from reports that U.S. President Donald Trump thinks "a great deal" with China is possible on trade.
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