Oil takes breather after latest charge amid tight market

crude-oil

Oil prices edged lower on Tuesday, taking a breather from a sustained rally driven by strong demand in the United States, the world’s biggest consumer of oil and its products.

Brent crude was down 20 cents or 0.2% at $85.79 a barrel by 0143 GMT, after gaining 0.5% on Monday. U.S. oil was down 21 cents or 0.3% at $83.55 a barrel, having finished unchanged the previous session after testing new highs.

While China’s red-hot power and coal markets have cooled somewhat after government intervention, energy prices remain elevated worldwide as temperatures fall with the onset of the northern winter.

News Source:- Moneycontrol

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