Oil eases ahead of China, US data, but OPEC+ cuts support market

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Oil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market.

Both benchmarks gained more than 4 percent last week to touch their highest marks since May, rising for a second straight week after the world’s biggest oil exporters Saudi Arabia and Russia pledged to deepen supply cuts in August.

Saudi Arabia’s cuts are easing its oil glut as floating storage off the Egyptian Red Sea port of Ain Sukhna, is down by almost half to 10.5 million barrels from mid-June, according to data from oil analytics firm Vortexa as of July 7. In the Gulf, Iran’s seizure of a supertanker managed by U.S. major Chevron last week raised concerns about the threat to shipping in the region, including in the Strait of Hormuz.

 

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