Oil slips on China demand worries, while EU weighs Russia oil ban – Reuters

Oil slips on China demand worries, while EU weighs Russia oil ban – Reuters

MELBOURNE, May 3 (Reuters) - Oil prices slipped on Tuesday in a second day of thin trading in Asia, pulled in opposite directions by China's COVID-19 lockdowns, which could weigh on fuel demand, and prospects for a supply hit from a possible European oil embargo on Russia.

Brent crude futures fell 23 cents, or 0.2%, to $107.35 a barrel at 0532 GMT, wiping out gains earlier in the day in trading thinned by holidays in China, Japan and parts of Southeast Asia.

U.S. West Texas Intermediate (WTI) crude futures similarly dropped 24 cents, or 0.2%, to $104.94 a barrel, after hitting an intraday high of $105.80.