Oil prices dip as demand concerns outweigh Middle East supply fears

TOKYO: Oil prices eased in early trade on Wednesday as worries about global demand due to weak economic momentum in China and fading hopes for U.S. interest rate cuts in the near term outweighed supply fears on heightened tensions in the Middle East.

Brent futures for June delivery slipped 7 cents, or 0.1%, to $89.16 a barrel by 0042 GMT, while U.S. crude futures for May delivery fell 10 cents, or 0.1%, to $85.26 a barrel.