Singapore — Oil prices dipped on Tuesday on expectations rising output from the US and producer club Opec would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight. A stutter in China’s factory and servicing industries in April also weighed on crude prices, traders said, as it suggested Asia’s biggest economy is still struggling to regain traction. Brent crude futures were at $71.75 per barrel at 1.30am GMT, down 29c, or 0.4%, from their last close. US West Texas Intermediate (WTI) crude futures were at $63.35 per barrel, down 15c, or 0.2% from their previous settlement. Oil prices surged by around 40% from January to April, lifted by supply cuts led by the Middle East-dominated Opec, as well as by US sanctions on producers Iran and Venezuela. But prices came under downward pressure late last week after US President Donald Trump openly put pressure on Opec and its de-facto leader Saudi Arabia to raise output to meet the su...
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