Oil falls further as weak China data offsets US debt ceiling progress – Reuters
- Date: 31-May-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Oil falls further as weak China data offsets US debt ceiling progress – Reuters
May 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill.
Brent crude futures for August delivery slipped 15 cents to $73.56 a barrel by 0656 GMT, while U.S. West Texas Intermediate crude (WTI) fell 14 cents to $69.32 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more than 4% on Tuesday.
Brent's July contract , which expires on Wednesday, and the U.S. benchmark were on track for monthly declines of more than 7% and 9%, respectively.
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