Oil prices dip as demand optimism fades

BEIJING/SINGAPORE (Reuters) -Oil prices fell for a second consecutive session on Tuesday as optimism over demand faded, although concerns about tighter Russian and Iranian supply amid widening Western sanctions checked losses. Brent futures edged down 18 cents, or 0.2%, to $76.08 a barrel by 0804 GMT, while U.S. West Texas Intermediate (WTI) crude fell 25 cents, or 0.3%, to $73.31. "This week's weakness is likely due to a technical correction, as traders react to softer economic data globally that undermines the optimism seen earlier," said Priyanka Sachdeva, senior market analyst at Phillip Nova, referring to bearish economic news from the U.S. and Germany.