Direction up in oil
Oil rose as a decline in Libyan exports was offset by signs of a deepening economic recession in China.
Oil rose on the first trading day of the week after its first weekly gain in a month.
Brent futures traded close to $ 72 a barrel, while US crude climbed towards $ 69.
Libyan exports fell markedly as United Nations-led talks failed to resolve the impasse over control of the central bank, spilling over into the oil industry.
Chinese data released over the weekend showed that industrial production suffered its longest losing streak since 2021 and investment fell more than expected. The official economic growth target of 5 percent for this year looks increasingly unattainable.
The deteriorating situation in the number one crude oil importer and the increase in global supply pushed Brent down by about 17 percent this quarter, bringing it closer to the lowest level since late 2021.
Commonwealth Bank of Australia Analyst Vivek Dhar said the weakness in Chinese demand will likely continue until we see China trying to defend its growth target. “That may be just a month away as we saw last year,” Dhar said, referring to Beijing’s budget deficit widening last October.
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