Oil dips as emerging market woes dim demand outlook

(FASTNEWS|COLOMBO) Oil prices dipped on Monday as rising trade tensions and economic woes in emerging markets dented the outlook for fuel demand growth, but U.S. sanctions against Iran still pointed towards tighter supply.

Front-month Brent crude oil futures LCOc1 were at $72.57 per barrel at 0702 GMT, down 24 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $67.43 a barrel, down 20 cents, or 0.3 percent from their last settlement.

Traders said the demand outlook for oil was dimming due to ongoing trade disputes between the United States and China, as well as economic trouble in Turkey potentially spreading across emerging markets.