Brent Prices Slide by 1%

Brent Prices Slide by 1%
Brent Prices Slide by 1%

Global oil prices fell more than 1% on Monday, backsliding last week's gains, 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, after falling as much as $1.27 to $75.34, Reuters reported.
US West Texas Intermediate crude was down 76 cents, or 1.1%, to $71.02, after declining by $1.15 to $70.63.
Last week, Brent posted a gain of 2.4% and WTI rose 2.3%.
"China's economic uncertainties may have caused the selloff after a two-day rebound in oil markets ahead of The People's Bank of China's decision on its loan prime rates this week," said Tina Teng, an analyst at CMC Markets.
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.
China is widely expected to cut its benchmark loan prime interest rates on Tuesday, following a similar reduction in medium-term policy loans last week to shore up a shaky economic recovery.
Sources have told Reuters that China will roll out more stimulus support for its slowing economy this year.

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