2023-06-19 04:23:00
Brent crude rose 2.4% last week
Global oil prices fell today, Monday, reversing the gains they made last week, as doubts regarding China’s economy overshadowed the “OPEC +” production cuts and the reduction in the number of oil and gas platforms operating in the United States for the seventh consecutive week.
Brent crude fell $1.16 to trade at $75.45 a barrel by 04:02 GMT, while US West Texas Intermediate crude fell $1.07 to $70.71.
Last week, Brent rose 2.4% and WTI rose 2.3%.
And a number of major banks cut their forecasts for China’s GDP growth for 2023, following May data published last week showed that the post-Covid-19 recovery in the world’s second-largest economy was facing bumps.
Sources told Archyde.com that China will introduce more stimulus support to its slowing economy this year, but concerns regarding debt and capital flight will keep measures aimed at supporting weak demand in the consumer and private sectors.
However, refinery consumption in China in May rose to the second highest level on record, helping to extend last week’s gains. And US energy companies reduced the number of oil and natural gas platforms operating for the seventh week in a row for the first time since July 2020.
The number of oil and gas rigs, an early indicator of future production, fell by 8 to 687 in the week ending June 16, the lowest level since April 2022.
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