Brent for May settlement slipped 0.2% to $82.61 a barrel at 12:02 p.m. in Singapore.
Oil held a decline as signs of macroeconomic weakness — especially in the biggest importer China — eclipsed OPEC+’s widely expected extension of output cuts.
Crude has been on a slow-motion ascent that has seen Brent gain around 7% this year, bolstered by tensions in the Middle East and OPEC+’s limiting of supply. That optimism has been tempered by strong production from outside of the cartel, a shaky demand outlook in China and the paring back of expectations for when central banks will start monetary easing.
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