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Oil Prices Slip on Caution Over U.S. Debt Talks, China Demand Recovery Concerns

Oil prices have fallen due to concerns about demand recovery in China and caution around the US debt ceiling talks, despite lower supplies from Canada and OPEC+ producers. Brent crude futures fell 0.6% to $75.10 a barrel, while US West Texas Intermediate crude for July delivery fell 0.6% to $71.24. The resumption of US debt ceiling negotiations will remain a key driver for crude and risk sentiment this week, according to IG's Sydney-based analyst Tony Sycamore. Investors are also concerned that China's recovery is faltering after weak economic data reports in the past two weeks.

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