Oil prices ease on worries of waning demand in US and China
Oil prices eased on Monday, reversing their rally on Friday, as renewed concerns over waning demand in the United States and China dented market sentiment.
Brent crude futures for January were down 35 cents, or 0.4%, at $81.08 a barrel at 0051 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.82, down 35 cents, or 0.5%.
Both benchmarks gained nearly 2% last Friday as Iraq voiced support for oil cuts by OPEC+, but lost about 4% for the week, notching their third weekly losses for the first time since May.
«Investors are more focused on slow demand in the United States and China while worries over the potential supply disruptions from the Israel-Hamas conflict have somewhat receded,» said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
The U.S. Energy Information Administration (EIA) said last week that crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall.
Weak economic data last week from China, the world's biggest crude oil importer, also increased fears of faltering demand.
