Oil prices drop $2 on demand concerns, Israel comments

Oil prices slid $2 in early Asian tre on Tuesday as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets.

Brent crude futures LCOc1 were down $2.11, or 2.7 per cent, at $75.35 per barrel, while  US West Texas Intermediate CLc1 crude futures fell $2.07, or 2.8  per cent, to $73.76 per barrel as of 0045 GMT. Both benchmarks h settled about 2  per cent lower on Monday.

Israeli Prime Minister Benjamin Netanyahu told  US that Israel is willing to strike Iranian military targets and not nuclear or oil ones, report said.