Oil prices slipped on Monday, pulling back from earlier gains fostered on strong Chinese economic news, on concerns about potential U.S. tax increases to pay for infrastructure spending.
Crude benchmarks have steadily climbed throughout 2021 as major oil producers restrain supply and coronavirus vaccine distribution quickens, auguring a return to stronger economic and fuel demand.
Brent crude futures for May lost 37 cents, or 0.5 per cent, to $68.85 a barrel by 12:58 p.m. EDT (1658 GMT), while U.S. West Texas Intermediate crude for April shed 31 cents, or 0.5 per cent, to $65.30 a barrel.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15 per cent from the same period a year earlier, data showed.
