Singapore — Oil prices dipped on Monday as rising trade tension dented the outlook for fuel demand growth especially in Asia, although US sanctions against Iran still pointed towards tighter supply. Front-month Brent crude oil futures were at $72.63 a barrel at 5.09am GMT, down 18c, or 0.25% from their last close. US West Texas Intermediate (WTI) crude futures were at $67.63 a barrel, unchanged from their last settlement. Signs of slowing economic growth and lower fuel demand increases, especially in Asia’s large emerging markets are weighing on the oil markets. Singapore-based brokerage Phillip Futures said on Monday that "trade protectionism and escalating tensions between the world’s largest economies [the US and China] have cast a looming shadow on global oil demand growth in 2018". Hedge funds and other money managers reduced their bullish positions in US crude futures and options in the week ending on August 7, data from the US Commodity Futures Trading Commission showed on Fr...
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