Oil Updates — Crude slips; Oil tanker groups Frontline and Euronav scrap $4.2bn merger

RIYADH: Oil edged lower on Tuesday on expectations that further interest rate hikes in the US, the world’s biggest oil user, will slow economic growth and limit fuel demand.

Brent futures for March delivery fell 43 cents to $79.22 a barrel, a 0.54 percent drop, by 8.55 a.m. Saudi time. US West Texas Intermediate crude fell 34 cents, or 0.46 percent, to $74.29 per barrel.

Both benchmarks climbed 1 percent on Monday after China, the world’s biggest oil importer and second-largest consumer, opened its borders over the weekend for the first time in three years.