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

Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and U.S. West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%.

"Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said.Both benchmarks gained more than 4% 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 deepenSaudi Arabia will extend its 1 million barrels per day output cut into August and Russia will cut crude exports by 500,000 bpd.

Non-OPEC+ supply has been keeping up with global demand, JP Morgan analysts said in a note, adding that OPEC+ needs to deepen its cuts by another 700,000 bpd in the second half of the year on top of announced reductions and extend them into 2024.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden warned China's Xi on West's investment after Putin meeting - SABC NewsUS President Joe Biden told Chinese President Xi Jinping following his meeting with Russia’s Vladimir Putin to “be careful” because Beijing relies on Western investment, according to excerpts from an interview with CNN.
Source: SABCNews - 🏆 37. / 51 Read more »