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By
Giulia Petroni, Dow Jones Newswires
Oil prices were edging lower in early trading as markets monitor developments in the Middle East and await further details on China’s stimulus plans.
Brent crude and WTI were both down 0.3% at $74.03 and $70.18 a barrel, respectively, after closing the previous session at their lowest level in two weeks.
Israel launched fresh strikes on Beirut despite U.S. concerns over the scope of military actions in Lebanon.
“This raised concerns that U.S. influence over Israeli tactics remains weak, bringing into question U.S. calls for Israel not to target Iran’s oil facilities,” ANZ analysts said in a note.
Still, fears of a weak demand outlook continue to weigh on sentiment, with analysts now waiting for further details from China in its stimulus plans and the EIA’s weekly inventory report for insights on demand trends in the U.S.
