Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish...
SINGAPORE - Oil prices extended losses on Monday with investors weighing higher OPEC + production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world's two biggest oil consumers.
"There are concerns that OPEC will go ahead and increase output from October," IG market analyst Tony Sycamore said. Both Brent and WTI have posted losses for two consecutive months as economic concerns in China and the U.S. outweighed the disruption in Libyan supply and rising geopolitical tensions in the Middle East.
"We see downside in growth in 2025, driven by economic headwinds in China and the U.S.," ANZ analysts said in a note. Asian share markets got off to a quiet start on Monday as investors braced for a data-packed week culminating in a U.S. jobs report that could decide whether a rate cut expected this month will be regular or super-sized. A holiday in the United States and Canada made for thin liquidity, while wins for far-right parties in German state elections added a fresh layer of political uncertainty.
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