Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slow down in the pace of China's industrial output and retail sales.
Front-month Brent crude futures edged down 35 cents, or 0.5%, to $65.06 a barrel by 0440 GMT while U.S. West Texas Intermediate crude dropped 26 cents, or 0.4%, to $62.23 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 31 cents, or 0.5%, to $61.66 a barrel.
Both contracts rose more than 1% last week after the U.S. and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Reuters
Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slow down in the pace of China's industrial output and retail sales.
Front-month Brent crude futures edged down 35 cents, or 0.5%, to $65.06 a barrel by 0440 GMT while U.S. West Texas Intermediate crude dropped 26 cents, or 0.4%, to $62.23 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 31 cents, or 0.5%, to $61.66 a barrel.
Both contracts rose more than 1% last week after the U.S. and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Reuters
Oil prices slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed a slow down in the pace of China's industrial output and retail sales.
Front-month Brent crude futures edged down 35 cents, or 0.5%, to $65.06 a barrel by 0440 GMT while U.S. West Texas Intermediate crude dropped 26 cents, or 0.4%, to $62.23 a barrel. The front-month June WTI contract expires on Tuesday and the more-active July contract fell 31 cents, or 0.5%, to $61.66 a barrel.
Both contracts rose more than 1% last week after the U.S. and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war with sharply lower import tariffs. Reuters
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