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Oil: Prices fell at the start of Asian trading on Monday

10/07/2023
Categories: Raw materials

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Oil weakened ahead of data on China and the United States, but OPEC+ cuts are supporting the market. Prices fell at the start of Asian trade, as investors were cautious about new economic data from major consumers, the United States and China, this week

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Brent lost 22 cents, or 0.3%, to 78.25 dollars a barrel at 0107 GMT, and American West Texas Intermediate crude was at 73.57 dollars a barrel, down 29 cents, or 0.4%.

Both benchmarks rose more than 4% last week to their highest levels since May, rising for the second consecutive week after Saudi Arabia and Russia, the world's largest oil exporters, committed to stepping up supply cuts in August.

In the United States, Friday's data showed wage growth that was still strong and the unemployment rate fell slightly this week, which should allow the Federal Reserve to continue raising interest rates at the next meeting in July.

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