Oil prices extended last week's losses on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline.
Oil prices extended last week's losses on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 48 cents, or 0.6%, to $81.60 a barrel at 0129 GMT, while U.S. West Texas Intermediate (WTI) dropped 50 cents, or 0.6%, to $77.51.
"Worries over weak demand in China outweighed the extension of supply cuts by OPEC+," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that mixed signs from U.S. jobs data prompted some traders to adjust positions. "Still, the losses will be capped by increased geopolitical risk, with the possibility that a ceasefire may not be reached in the Hamas-Israel war and that conflict may expand in Russia and its neighbours," he said. China last week set an economic growth target for 2024 of around 5%, which many analysts called ambitious without much more stimulu
Oil Prices China Demand Geopolitical Risks OPEC+ Supply Cuts U.S. Jobs Data Hamas-Israel War Russia Economic Growth Target
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