Oil extends losses on weak China data, prospect of higher Opec+ supply

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The Star 2h ago

Oil extends losses on weak China data, prospect of higher Opec+ supply - The Star

Quick Summary:

SINGAPORE: Oil prices extended losses on Monday on expectations for higher OPEC+ production starting in October and as signs of sluggish demand in China and the U.S., the world's two largest oil consumers, raised concerns about future consumption growth.

"We see downside in growth in 2025, driven by economic headwinds in China and the U.S.," ANZ analysts said in a note.

"We believe OPEC will have no choice but to delay the phase out of voluntary production cuts if it wants higher prices".