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Oil slides more than $1 as G7 debate Iran nuclear deal, Russia

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Reuters UK

By Florence Tan SINGAPORE (Reuters) – Oil prices slipped more than $1 a barrel on Monday as global economic concerns depressed the oil demand outlook while investors eyed the G7 meeting this week for possible moves on Russian oil exports and a revival of the Iran nuclear deal. Brent crude futures slipped $1.42, or 1.3%, to $111.70 a barrel by 0010 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $106.08 a barrel, down $1.54, or 1.4%, following a 3.2% gain in the previous session. Both contracts posted their second weekly decline last week as interest rate hikes in…

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