Oil slipped as slower Chinese economy recovery sapped outlook.

International benchmarks for crude oil settled lower on Monday, 21 August 2023 as hopes for a resurging Chinese demand continues to wane. Latest economic data for July once again pointed to China’s struggle in maintaining the pace of post-pandemic recovery and the deepening property market turmoil further weighs on the outlook. 

Industry experts regarded the current oil market as a ‘battle between Saudi production cuts versus demand destruction,’ and that China might not procure more oil in the third quarter since the nation has amassed record inventories in the first half of the year. 

Brent crude crept down 34 cents or 0.4% to $84.46/barrel.

US West Texas Intermediate decreased by 53 cents or 0.65% at $80.72/barrel.