27.05.202010:29:00UTC+00Oil Slips Amid Hong Kong Unrest

Oil prices fell on Wednesday as mounting tensions in Hong Kong over Beijing's proposed national security laws as well as signs that Moscow is determined to scale back output reductions in July tempered optimism over reopening of economies.

Benchmark Brent crude fell about 1 percent to $35.81 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.6 percent at $34.14.

Security forces have been deployed in greater numbers on the streets in Hong Kong, ahead of a controversial bill criminalizing disrespect to the Chinese anthem being presented before in the Legislative Council.

Beijing has reportedly expanded the scope of the draft national security legislation to include banning not just behavior or acts that endanger national security, but also activities. China's parliament is expected to approve it by Thursday.

The U.S. is considering a range of sanctions to punish China for its crackdown, with details expected before the end of the week.

Meanwhile, the Bloomberg reported, citing sources familiar with the matter that Russia is supporting plans to start easing supply cuts from July. A decision is likely at a June 9-10 OPEC+ meeting.