Oil Update — Crude slips as China lockdown weighs on fuel demand; Devon Energy posts higher quarterly profit

Oil Update — Crude slips as China lockdown weighs on fuel demand; Devon Energy posts higher quarterly profit

RIYADH: Oil prices slipped on Tuesday following the 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 percent, 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. US West Texas Intermediate crude futures similarly dropped 24 cents, or 0.2 percent, to $104.94 a barrel, after hitting an intraday high of $105.80. US shale producer Devon Energy reported a rise in quarterly income on Monday, boosted by surging oil and gas prices after Russia’s invasion of Ukraine stoked global supply concerns. The Oklahoma City-based company reported net earnings of $1 billion, or $1.48 per share, for the first quarter ended March 31, from $213 million, or 32 cents per share, last year. Brazilian state-run oil company Petrobras increased its jet fuel prices in several cities starting on Sunday, data published on its website showed. The average hike was close to 7 percent, according to the Brazilian airlines association Abear.