Oil Dips in Volatile Trade Amid Demand Concerns, Supply Disruptions

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB), gasoline, diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. Picture taken with a drone. Bing Guan/Reuters

LONDON—Oil prices slipped in volatile trading on Tuesday as investors weighed demand concerns against tight global supplies after Libya halted some exports and as factories in Shanghai prepared to reopen following a COVID-19 shutdown.

Brent crude was down $1.41, or 1.2 percent, to $111.75 a barrel at 1028 GMT, after rising more than $1 to $114.21 earlier in the session.