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Brent crude was down 26 cents, or 0.3%, at $69.25 per barrel as
of 0918 GMT, after rising as high as $69.77 earlier in the
session.
U.S. West Intermediate crude (WTI) slid 31 cents, or 0.4%, to
$66.98 a barrel, after reaching $67.66 earlier.
On the demand side, daily crude processing in China, the world's
biggest oil importer, fell to its lowest in July since May 2020
as independent plants slashed production amid tighter quotas,
high inventories and weakening profits.
China's factory output and retail sales growth also slowed
sharply and missed expectations in July, as new COVID-19
outbreaks and floods disrupted businesses.
Hedge funds sold petroleum last week for the sixth time in eight
weeks as resurgent coronavirus infections in China, Europe and
North America dampened hopes of a rapid resumption in
long-distance air travel.
Japan was set to extend its state of emergency in Tokyo and
other regions to Sept. 12 and widen curbs to seven more
prefectures.
On the supply side, U.S. shale oil output is expected to rise to
8.1 million barrels per day (bpd) in September, the highest
since May 2020, according government data.
Last week, U.S. President Joe Biden's administration urged
OPEC+, which groups members of the Organization of the Petroleum
Exporting Countries and other producers such as Russia, to boost
oil output to tackle rising gasoline prices.
But four sources told Reuters that the group believes oil
markets do not need more crude than they plan to release in the
coming months.
(Additional reporting by Yuka Obayashi; editing by David Evans)
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