On Monday, oil rose more than 1% on optimism related to Chinese demand
London — Brent oil fell on Tuesday as concern about a global economic slowdown that would reduce demand prompted investors to take profits on the previous day’s gains, outweighing supply curbs.
Global benchmark Brent crude was down $1.09, or 1.3%, at $82.98 a barrel at 9.10am GMT. US West Texas Intermediate crude for March, which expires on Tuesday, was up 43c at $76.77. The US contract did not settle on Monday because of a public holiday in the US. As a result, the weekly American Petroleum Institute report on US inventories will be out on Wednesday, rather than Tuesday as normal.
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