The global oil prices have experienced a decline of 1% on Monday, backing off last week’s gains.
This decrease in prices has been observed across the international market.
This development coincides with the emergence of concerns regarding China’s economy, which have overshadowed the impact of OPEC+ output cuts and the seventh consecutive decline in the number of oil and gas rigs in operation within the United States.
Brent crude was down 78 cents, or 1%, to trade at $75.83 a barrel by 0655 GMT, after falling as much as $1.27 to $75.34.
U.S. West Texas Intermediate (WTI) crude was down 76 cents, or 1.1%, to $71.02, after declining $1.15 to $70.63.
Last week, Brent posted a gain of 2.4% and WTI rose 2.3%.
A number of major banks have cut their 2023 gross domestic product growth forecasts for China after May data last week showed the post-COVID recovery in the world’s second-largest economy was faltering.
OPEC+ agreed on a new oil output accord earlier this month.
Saudi Arabia, the group’s largest producer, also promised a significant reduction in output in July.
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