Crude oil prices dipped over one percent for the second straight day on Tuesday over demand concerns. As of 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.28 (-1.21 percent) to reach 104.66 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, decreased to $102.02 a barrel, down by $1.07 (-1.04 percent). Both contracts notched a gain of around five percent during the last week and over 35 percent so far this year. The price for Opec basket was recorded at $112.48 a barrel with a loss of 1.65 percent. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey. Arab Light was available at $103.74 a barrel with a decrease of 6.68 percent and the price of Russian Sokol slipped to $93.77 a barrel with a 6.88 percent decrease. Broader economic concerns between surging inflation and China’s economic slowdown amid its Covid lockdowns are underpinning worries over the state of the global economy. Central banks are making aggressive shifts to combat prices, aiming to fight high expectations from becoming anchored in the economy, which would only work to further inflame high inflation. Shanghai officials expanded curbs across the city this week even as case numbers drop. Saudi Arabia’s state-run Saudi Aramco announced it would reduce oil prices for June. The move will bring the premium paid by Asian buyers from over $9 per barrel to $4.40 per barrel. The premium paid for most buyers across Europe would also be reduced next month. Similarly, Qatar Energy, state producer, said on Tuesday that Qatar is set to lower the price differential of its crude grades relative to the average price of the Dubai and Oman benchmarks in June. The moves signal that the major OPEC producers see demand trailing off, likely induced by the bout of lockdowns across China due to Covid outbreaks. A larger pullback is unlikely given the uncertainty around China’s Covid situation as well as the ongoing conflict in Ukraine.