LONDON/MUSCAT: Oil prices slipped for a second day on Tuesday as concern over China's plan for growth and uncertainty over the pace of US interest rate cuts offset the prospect of a tighter market due to continued Opec+ supply restraint.
China set an economic growth target for 2024 of around 5%, similar to last year's goal and in line with analysts' expectations, but the lack of big ticket stimulus plans to prop up its struggling economy disappointed investors.
Brent crude fell 42 cents, or 0.5%, to $82.61 a barrel by 1213 GMT, while US West Texas Intermediate (WTI) was down 39 cents, or 0.5%, to $78.38. Brent has gained about 7% this year.
"Public enemy No 1 of a protracted rally and the $90 oil price is the uncertainty surrounding interest rate cuts," said Tamas Varga of oil broker PVM.
Meanwhile, the price of Oman oil witnessed a decrease of $ 1.32 yesterday with $81.80 per barrel compared to the price on Monday, which amounted to $ 83.12.
The monthly average price of Omani crude oil for delivery this March amounted to $78.75 per barrel, an increase of $ 1.54 per barrel compared to the price for delivery last February. — Reuters/ONA
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