2023-06-20 23:51:37
By Scott DiSavino
NEW YORK (Reuters) – Crude oil futures fell on Tuesday on forecasts of slower demand growth for the commodity in China, the world’s second-largest oil consumer, and disappointment over the size of key rate cuts. Chinese loans.
Adding to bearish market sentiment, traders note that oil supplies from Iran and Russia have increased in recent weeks.
Brent for August delivery fell 19 cents, or 0.3%, to settle at $75.90 a barrel.
US-traded WTI crude shed $1.28, or 1.8%, to close at $70.50 on its final day as the first expiration.
The most active WTI contract for August delivery, which will be the first month, fell about 1% to $71.93 a barrel.
The oil price decline was led by losses of nearly 3% in US gasoline and diesel futures.
“Oil is stuck on anything and everything to do with China. This week, energy traders are seeing oil weakness play out in disappointing stimulus efforts,” said Edward Moya, senior market analyst at the oil firm. OANDA data and analytics.
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Reuters
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