Brent crude futures fell 90 cents, or 1%, to $94.20 a barrel at 00:03 GMT. WTI crude futures fell 81 cents, or 0.9%, to $88.60 a barrel.
Oil futures fell around 3% in the previous session.
Prices fell after disappointing economic data from China. The country’s central bank cut lending rates to boost demand as data showed an unexpected slowdown in the economy in July as factory and retail activity were squeezed by Beijing’s zero COVID policy and a real estate crisis.
China’s petroleum product exports will rebound in August to near a year-to-date high after Beijing issued more quotas in June and July, although broader restrictions are expected to cap shipments to seven-year lows for 2022, analysts and traders said.
In the United States, total production in major U.S. shale oil basins will hit 9.049 million bpd in September, the highest level since March 2020, the Energy Information Administration (EIA) said Monday in its productivity report. .
Market participants were awaiting industry data on U.S. crude inventories due later on Tuesday. Oil and gasoline inventories likely fell last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday. [EIA/S]
Investors also watched talks to revive the 2015 Iran nuclear deal. Oil supply could increase if Iran and the United States accept an offer from the European Union, which would remove sanctions on exports of oil. Iranian oil, analysts said.
Iran on Monday responded to the European Union’s ‘final’ draft text to salvage a 2015 nuclear deal, an EU official said, but did not provide any details on Iran’s response to the text. Iran’s foreign minister called on the United States to show flexibility in resolving the remaining three issues.
Brent crude futures fell 90 cents, or 1%, to $94.20 a barrel at 00:03 GMT. WTI crude futures fell 81 cents, or 0.9%, to $88.60 a barrel.
Oil futures fell around 3% in the previous session.
Prices fell after disappointing economic data from China. The country’s central bank cut lending rates to boost demand as data showed an unexpected slowdown in the economy in July as factory and retail activity were squeezed by Beijing’s zero COVID policy and a real estate crisis.
China’s petroleum product exports will rebound in August to near a year-to-date high after Beijing issued more quotas in June and July, although broader restrictions are expected to cap shipments to seven-year lows for 2022, analysts and traders said.
In the United States, total production in major U.S. shale oil basins will hit 9.049 million bpd in September, the highest level since March 2020, the Energy Information Administration (EIA) said Monday in its productivity report. .
Market participants were awaiting industry data on U.S. crude inventories due later on Tuesday. Oil and gasoline inventories likely fell last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday. [EIA/S]
Investors also watched talks to revive the 2015 Iran nuclear deal. Oil supply could increase if Iran and the United States accept an offer from the European Union, which would remove sanctions on exports of oil. Iranian oil, analysts said.
Iran on Monday responded to the European Union’s ‘final’ draft text to salvage a 2015 nuclear deal, an EU official said, but did not provide any details on Iran’s response to the text. Iran’s foreign minister called on the United States to show flexibility in resolving the remaining three issues.