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Oil falls on dip in China demand, surging U.S. output

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices reversed earlier gains on Friday and fell as surging U.S. output as well as signs of weakening demand in China weighed on markets, even though supply woes in Venezuela and OPEC's ongoing production cuts offered crude some support.After gaining some ground early in the session, Brent crude futures, the international benchmark for oil prices, were at $77.06 per barrel at 0551 GMT, down 26 cents, or 0.3 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures were down 18 cents, or 0.3 percent, at $65.77 a barrel.China's ...

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First Published: Fri, June 08 2018. 12:10 IST