Oil Prices Steady Amid Fears Over Slowing China Demand

Oil Prices Steady Amid Fears Over Slowing China Demand

Oil prices steadied on Monday as worries over slowing demand in China prompted investors to take profits on gains made earlier in the day on concerns over tight supply and the deepening Ukraine crisis.

Brent futures were up 27 cents, or 0.2%, at $111.97 a barrel at 0642 GMT, sliding from its highest since March 30 of $113.80 hit earlier in the session.

US West Texas Intermediate futures rose 20 cents, or 0.2%, to $107.15 a barrel, having risen as high as $108.55, the highest since March 30.

China's economy slowed in March as consumption, real estate and exports were hit hard, taking the shine off faster-than-expected first-quarter growth numbers and worsening an outlook already weakened by COVID-19 curbs and the Ukraine war.

The country refined 2% less oil in March than a year earlier, with throughput falling to its lowest level since October as a surge in crude prices squeezed margins and tight lockdowns hurt fuel consumption.

"Some Asian investors booked profits as they became worried about slowing demand in China," Reuters quoted Satoru Yoshida, a commodity analyst with Rakuten Securities, as saying.

Last Thursday, a day before Easter weekend holidays, both Brent and WTI climbed more than 2.5% on news that the European Union