Oil settles lower, pares losses despite weak economic data

Brent crude settled down US$1.08, or 1.5%, at $69.51 a barrel after earlier falling to $68.14. U.S. oil fell by $1.15, or 1.7%, to $67.29 after reaching lows of $65.73.

NEW YORK: Oil prices settled lower on Monday, paring steep losses on weak Chinese economic data after sources told Reuters that OPEC and its allies believe the markets do not need more oil than they plan to release in the coming months.

Brent crude settled down US$1.08, or 1.5%, at $69.51 a barrel after earlier falling to $68.14. U.S. oil fell by $1.15, or 1.7%, to $67.29 after reaching lows of $65.73.

The market had dropped more than 3% earlier in the session after data showed Chinese factory output and retail sales growth slowed sharply in July, missing expectations, as flooding and fresh outbreaks of COVID-19 disrupted business activity.