Oil extends losses on prospect of higher OPEC+ supply
SINGAPORE - Oil prices extended losses on Monday with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world's two biggest oil consumers.futures fell 57 cents, or 0.7%, to $76.36 a barrel by 0108 GMT while U.S. West Texas Intermediate crude slipped 50 cents, or 0.7%, to $73.05 a barrel.
"However, I think that outcome is price dependent in that it happens if the WTI price is closer to $80 than $70." China's manufacturing activity sank to a six-month low in August as factory gate prices tumbled and owners struggled for orders, an official survey showed on Saturday, pressuring policymakers to press on with plans to direct more stimulus to households.
"We see downside in growth in 2025, driven by economic headwinds in China and the U.S.," ANZ analysts said in a note.
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