Oil prices slide to two-week low amid weaker demand

Oil prices slid as much as $3 to a near two-week low during Asian trade on Tuesday on the back of a weaker demand outlook and after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption.

Brent crude futures were down $2.81, or 3.6 per cent, to $74.65 per barrel at 0640 GMT, having dropped earlier to $74.26, its lowest since Oct. 2.

US West Texas Intermediate futures fell $2.72, or 3.7 per cent, to $71.11 per barrel.