Concern about weak demand in China is also putting pressure on the market
London — Oil slipped on Thursday, pressured by easing concerns over geopolitical tension and Chinese demand worries, though signs of tighter supply including lower US inventories lent support.
“It looks like we aren’t seeing an immediate escalation from the Russians and that has tentatively removed some of the short-term supply risks,” said Edward Moya, senior market analyst at Oanda. “Struggling Chinese consumption is embodied in sinking domestic need for both Russian and Saudi crude oil,” said Tamas Varga of oil broker PVM.
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