Brent crude futures slipped 35 cents to $86.46 a barrel by 1027 GMT, while U.S. West Texas Intermediate crude edged lower by 38 cents to $82.81
Oil prices stabilised on Monday as investors weighed concerns about China’s faltering economic recovery and a stronger dollar against seven weeks of gains on tightening supply from OPEC+ output cuts.
“Crude has been in overbought territory for some time now, defying expectations of a correction. It has been singularly focused on U.S. economic optimism, to the exclusion of the increasingly stronger headwinds blowing in the eurozone and China,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.Oil may be range-bound this week as China’s sluggish economic recovery and a stronger U.S.
A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies.
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