Oil prices extended their previous session’s losses on the back of Libya’s oil production coming back online and a persistent weak demand in China.
Oil prices extended losses on the back of Libya's oil production coming back online and a persistent weak demand in China.
Global benchmark Brent slipped 0.57% to $73.33 a barrel, while U.S. West Texas Intermediate futures fell 0.65% to trade at $69.88 per barrel. Oil prices extended declines during Asia trading hours, after a report that Libya's oil production was set to be restored pressured prices overnight.West Texas Intermediate"First the Chinese monthly PMI showing a fourth consecutive month of contraction issued this weekend was a disappointment," he said.
In a note published late August, Goldman Sachs forecast a"sharp slowdown" in China's oil demand — the bulk of which is owed to the shift from oil to natural gas and power via EVs. China is the world's largestOn Tuesday, U.S. crude oil futures fell more than 4% to log their lowest close since December, erasing all gains for the year, after a report said that Libya's rival governments couldthat would help restore oil output following days of disruptions.
Concerns about OPEC+ adding production into a perceivably oversupplied market have also been driving prices lower, said Joshua Young, founder of oil and gas investment firm Bison Interests.Mesquite
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