Oil prices slip as economic woes offset tightening supplies


Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.

Brent crude for September fell 35 cents to $75.20 a barrel while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.

According to reports by analysts, the spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery.

Oil prices slumped last Tuesday after the Organization of the Petroleum Exporting Countries and OPEC+, did not reach an agreement to increase output from August.

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