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Oil falls as weak China data offsets US debt ceiling progress

31 May 2023 09:00 (UTC +04:00)

Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill, APA-Economics reports citing Reuetrs.

Brent crude futures for August delivery fell 28 cents to $73.43 a barrel by 0250 GMT, while U.S. West Texas Intermediate crude (WTI) slipped 26 cents to $69.20 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more than 4% on Tuesday.

Brent's July contract , which expires on Wednesday, and the U.S. benchmark were on track for monthly declines of more than 7% and 9%, respectively.