Oil prices edged lower on Tuesday on signs of profit-taking after rallying in July when investors benefited from tightening global supplies and signs of growing demand in the second half of the year.
Brent crude futures for October were at $85.89 a barrel at 0822 GMT, down 54 cents. Front-month Brent settled at its highest since April 13 on Monday.
U.S. West Texas Intermediate crude futures were at $81.24 a barrel, down 56 cents from the previous session's settlement, which was its highest since April 14.
PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023, versus the first half, in tandem with supply cuts to reduce global oil inventories.
Source : Reuters
