Global oil prices fell on Monday, backing off last week’s gains 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.
Brent crude lost 68 cents to trade at $75.93 a barrel by 0042 GMT, while US West Texas Intermediate (WTI) crude was down 59 cents to $71.19.
Last week, Brent posted a gain of 2.4 per cent and WTI rose 2.3 per cent.
A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-Covid recovery in the world’s second-largest economy was faltering.
