Oil extends losses on weak China data, prospect of higher OPEC+ supply
Oil prices extended losses on Monday on expectations for higher OPEC+ production starting in October and as signs of sluggish demand in China and the U.S., the world's two largest oil consumers, raised concerns about future consumption growth.
Brent crude futures fell 56 cents, or 0.7%, to $76.37 a barrel by 0646 GMT while U.S. West Texas Intermediate crude slipped 45 cents, or 0.6%, to $73.10 a barrel.
The losses followed a 0.3% decline for Brent last week and a 1.7% drop for WTI.
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group known as OPEC+, is set to proceed with a planned oil output hike from October, six sources from the producer group told Reuters.
Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day (bpd) in October, as part of a plan to begin unwinding their most recent layer of output cuts of 2.2 million bpd while keeping other cuts in place until end-2025.
Soure: Reuters
