Brent LCoc1 crude prices for September fell 43 cents to settle at US$106.92 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 for August fell $1.96 to settle at $102.26 a barrel. The WTI contract expires on Wednesday. The more active September WTI contract CLc2 settled at $99.88 a barrel, down 86 cents.
NEW YORK: Oil prices slipped on Wednesday, after U.S. government data showed lower gasoline demand during the peak summer driving season and as interest rate hikes by central banks to fight inflation fed fears the economy could slow, cutting energy demand.
Prices pared losses during the session after TC Energy TRP.TO said the Keystone pipeline, one of Canada's major oil export arteries, was operating at reduced rates for a third day. Repairs continued on a third-party power facility in South Dakota, prompting concerns about tighter supplies.
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