TOKYO – Global oil prices fell more than $1 on Monday, backing off last week's gains as questions over China‘s economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. Brent crude lost $1.15, or 1.5 percent, to trade at $75.46 a barrel by 0350 GMT, while U.S. West Texas Intermediate (WTI) crude was down $1.09, or 1.5 percent, to $70.69. Last week, Brent posted a gain of 2.4 percent and WTI rose 2.3 percent. 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.

https://business.inquirer.net/406216/oil-slides-more-than-1-on-china-growth-uncertainties

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