Commodity Capsule: Brent crude oil prices slip; Gold, silver largely rangebound | Watch video

Oil prices crept lower in Asian trade on Tuesday as initial optimism over more supply cuts by Saudi Arabia and OPEC was largely offset by persistent concerns over slowing economic growth and weakening demand.

The markets bet that any slowdown in demand will largely outweigh tighter supplies this year.

Brent crude futures fell 0.27 per cent to $76.50/barrel, while US WTI crude fell 0.37 per cent to $71.81 per barrel.

TRENDING NOW

Poonawalla Fincorp shares rise after NBFC gets RBI's nod for launching co-branded credit card

FIRST TRADE: Sensex, Nifty open flat amid subdued global sentiment; Eicher Motors up over 3%

6.6-magnitude quake hits Philippines

Anil Singhvi strategy September 26: Important levels to track in Nifty, Nifty Bank today

Electric motorcycle startup Raptee receives $3 million in pre-Series A round led by Bluehill Capital

Traders' Diary: Buy, sell or hold strategy on Tata Consumer, Wipro, LTTS, Voltas, Polycab, over a dozen other stocks today

abCoffee gets $2 million in seed round led by Tanglin Venture Partners; eyes to expand product range

RBI fines SBI, Indian Bank and Punjab & Sind Bank for breach of norms: Check details

Chaman Lal Setia Exports hits record high; LT Foods, KRBL also surge as govt approves export of rice to UAE

Retirement Planning: How to get Rs 1 lakh pension every month?

Jefferies maintains 'buy' on Eicher Motors, sees 23% upside; shares zoom

India vs Australia 3rd ODI Free Live Streaming: When and How to watch IND VS AUS match live on Web, tv, mobile apps online

"Must-have stock": Anil Singhvi's views on JSW Infrastructure IPO

Rozgar Mela: PM Narendra Modi to distribute about 51,000 appointment letters on Tuesday

Ashish Kacholia exits Delta Corp; stock falls nearly 6%

Both contracts rose as much as 3 per cent on Monday before settling between 0.6 per cent and 0.8 per cent.

US service sector activity barely grew in May. The data put more headwinds to the US economy—chiefly rising interest rates and high inflation—in stark focus ahead of the Federal Reserve meeting next week.

Gold and silver are largely rangebound, with an upward bias supported by a weaker dollar index.

Markets hunkered down before the Federal Reserve's interest rate decision next week.

CITI Research recommends investors buy the gold and silver dips into year-end.

Base metals on domestic futures post-mixed opening tracking international benchmarks

Copper and industrial metals garnered some support from strong manufacturing and service sector readings in China.

The focus this week is on Chinese inflation and trade data.

Catch the latest stock market updates here. For more news on sports, politics follow Zee Business