Singapore — Oil prices dipped on Monday as sentiment remained cautious after a plunge in financial markets last week triggered worries that global growth may be slowing. Front-month Brent crude oil futures were at $77.56 a barrel at 4.30am GMT, 6c below their last close. US West Texas Intermediate (WTI) crude futures were at $67.59 a barrel, flat from their last settlement. Sentiment among investors remained cautious after hefty losses last week. “Cooling economic conditions and symptoms of softer international trade have exacerbated bearish conditions as [the] growth outlook dims,” said Benjamin Lu of brokerage Phillip Futures in Singapore. Singapore-based ship tanker brokerage Eastport said stock prices were falling amid policy uncertainty, rising interest rates and disappointing earnings from some companies. Financial market turmoil may “weigh on investment and consumer spending, reducing trade flows and ultimately hitting demand,” it said. Hedge funds slashed their bullish wager...
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