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Oil pares loses as OPEC+ sees no need for more supply hikes

Mount Equity Group Tokyo, Japan > News > Business > Oil pares loses as OPEC+ sees no need for more supply hikes
  • OPEC+ sees no need to meet U.S. call for more supply – sources
  • China under pressure as factory output, retail sales growth slow
  • China refinery output at lowest in 14 mths as teapots cut runs

NEW YORK, Aug 16 (Reuters) – Oil prices slipped more than 1% on Monday, paring steep losses on weak Chinese economic data after sources told Reuters that OPEC and its allies believe the markets do not need more oil than they plan to release in the coming months.

Brent crude was down 80 cents, or 1.1%, at $69.79 a barrel by 1:10 p.m. EDT (1710 GMT) after falling to $68.14 earlier in the sessions. U.S. oil fell by 87 cents, or 1.3%, to $67.57 after reaching lows of $65.73.

The market had dropped more than 3% earlier in the session after data showed Chinese factory output and retail sales growth slowed sharply in July, missing expectations as flooding and fresh outbreaks of COVID-19 disrupted business activity. read more

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