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Oil prices ease on China demand dip and rising U.S. output

Reuters  |  SINGAPORE/LONDON 

By Henning Gloystein and Dmitry ZhdannikovSINGAPORE/LONDON (Reuters) - Oil prices fell on Friday as weakening demand in China and surging U.S. output weighed on markets despite supply woes in Venezuela and Iran on top of OPEC's production cuts.Brent crude futures fell 45 cents to $16.87 a barrel by 1333 GMT. U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 8 cents down at $65.87. On the week, both contracts were set to trade flat. China's May crude oil imports eased away from a record high hit the previous month, customs data showed on Friday, with ...

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First Published: Fri, June 08 2018. 19:20 IST
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