|
Both contracts fell more than 1.5% on Monday, following
lackluster Chinese data and the partial restart of some Libyan
oilfields.
Brent crude was up 51 cent at $79.01 a barrel by 0956 GMT, while
U.S. West Texas Intermediate (WTI) crude rose 55 cents to $74.7
a barrel in relatively muted trading, with the contract set to
expire on Thursday. The September WTI contract was also up 55
cents to $74.63.
Market participants were awaiting industry data later on Tuesday
that is expected to show U.S. crude oil stockpiles and product
inventories fell last week. [EIA/S]
Meanwhile, U.S. shale oil production is projected to see in
August its first monthly decline since December 2022, data from
the Energy Information Administration showed on Monday.
Sluggish gross domestic product (GDP) data from China released
on Monday "kept a cautious lid on prices with some reservations
in its demand recovery," said Jun Rong Yeap, a market strategist
at IG in Singapore.
China's GDP grew 6.3% year-on-year in the second quarter,
compared with analyst forecasts of 7.3%, as its post-pandemic
recovery lost momentum.
Still, global supplies are expected to see a boost from the
resumption of output at two of three Libyan fields that were
shuttered last week. Output was thwarted by a protest against
the abduction of a former finance minister.
"Brand new shiny months normally see OPEC wheel out friendly
drop quotes or of late, the voluntary cut bombs as promised by
Saudi enabling a surge in enthusiasm," said PVM analyst John
Evans.
"But as the month moves on and the calendar comes across more
data on economic performance and markers, a sense of pragmatism
ensues and an inevitable deflation in mood."
(Reporting by Natalie Grover in London; Additional reporting by
Stephanie Kelly in New York and Andrew Hayley in Beijing;
editing by Lincoln Feast and Jason Neely)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
