Global Oil Prices Fall by One Percent
Global oil prices fell more than 1% on Monday, backing off last week’s gains.
This comes just as questions over China’s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.
Brent crude was down 78 cents, or 1%, to trade at $75.83 a barrel by 0655 GMT, after falling as much as $1.27 to $75.34.
U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.1%, to $71.02, after declining $1.15 to $70.63.
Last week, Brent posted a gain of 2.4% and WTI rose 2.3%.
A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-COVID recovery in the world’s second-largest economy was faltering.
Earlier this month, OPEC+ had agreed on a new oil output deal. The group’s biggest producer Saudi Arabia also pledged to make a deep cut to its output in July.
Reuters/Hauwa Abu
