SHarjah24 - Reuters: Oil prices fell on Tuesday as concerns over a possible recession and China's COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season.
Brent crude futures for July slid 61 cents, or 0.5%, to $112.81 a barrel by 0402 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery dropped 55 cents, or 0.5%, to $109.74 a barrel. Both benchmarks fell by more than $1 earlier in the session.
Brent gained 0.7% on Monday while WTI settled nearly flat.
Multiple threats to the global economy topped the worries ofthe world's well-heeled at the annual Davos economic summit,with some flagging the risk of a worldwide recession.
International Monetary Fund Managing Director KristalinaGeorgieva said she did not expect a recession for majoreconomies but could not rule one out.
"Investors were selling off as they expected higher oil prices to dent consumption for fuels worldwide," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
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