:Oil prices eased on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Brent crude futures fell 73 cents, or 0.84 per cent, to $86.08 a barrel by 0330 GMT while U.S. West Texas Intermediate crude
:Oil prices eased on Monday as concerns about China's faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts.
Prices slipped as the U.S. dollar index extended gains after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields despite expectations the Federal Reserve is at the end of hiking interest rates. "Crude has been in overbought territory for some time now, defying expectations of a correction. It has been singularly focused on U.S. economic optimism, to the exclusion of the increasingly stronger headwinds blowing in the eurozone and China," said Vandana Hari, founder of oil market analysis provider Vanda Insights.Oil may be range-bound this week as China's sluggish economic recovery and a stronger U.S.
Reflecting tightening supply, the price spread between first- and second-month Brent held steady on Monday after settling at 67 cents on Friday, the widest since March.
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