Oil slips, retreats from gains notched on strong Chinese data
Oil prices edged lower on Monday, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers.
Crude benchmarks have steadily climbed throughout 2021 as major oil producers restrained supply and coronavirus vaccine distribution quickened, feeding hopes of stronger economies and fuel demand.
Brent crude futures for May settled at $68.88 a barrel, losing 34 cents. U.S. West Texas Intermediate crude for April settled at $65.39 a barrel, shedding 22 cents.
China’s industrial output growth quickened in January-February, beating expectations, while its daily refinery throughput data rose 15% from a year earlier, data showed.
Still, analysts said a pact by top producers to rein in output and a rebound to demand due to vaccine roll-outs will keep pushing prices upward despite any temporary setbacks.
Reference: Reuters
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