Brent crude fell 17 cents to $76.44 a barrel by 0944 GMT, while U.S. West Texas Intermediate crude lost 31 cents to $71.47
Oil prices fell on Monday 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.
A number of large banks have cut their forecasts on China’s 2023 growth in gross domestic product after May data last week showed the post-COVID recovery in the world’s second-largest economy was faltering. Sources have told Reuters that China will roll out more stimulus for its slowing economy this year, but concern over debt and capital flight will keep the measures targeted on the consumer and private sectors.
The oil and gas rig count, an early indicator of future output, fell by eight to 687 in the week to June 16 for the lowest total since April 2022.
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