Brent crude futures fell 24 cents to $71.90 per barrel at 1009 GMT, while U.S. West Texas Intermediate was down 28 cents at $68.09
Oil prices slipped on Tuesday as concerns eased about the fallout from the overthrow of Syria’s president, despite support from China’s plan to ramp up policy stimulus – a potential boost to demand from the world’s biggest crude buyer.
“The tensions in the Middle East seem contained, which led market participants to price for potentially low risks of a wider regional spillover leading to significant oil supply disruption,” said IG market strategist Yeap Jun Rong. Oil prices may get a boost if the Federal Reserve comes through with expected rate cuts of 25 basis points when it meets on Dec. 17-18. That could juice oil demand in the world’s biggest economy, though traders are waiting to see if this week’s inflation data derail the cut.
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