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crude oil

Oil prices fall on dip in China demand, surging US output

Oil prices fell on Friday, reversing early gains as signs of weakening demand in China and surging U.S. output weighed on markets despite support from supply woes in Venezuela and OPEC’s production cuts.

Brent crude futures, the international benchmark for oil prices, were at $76.79 per barrel at 0654 GMT, down 53 cents, or 0.7 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.6 percent, at $65.57 a barrel.

China’s May crude oil imports eased away from a record high hit the month before, customs data showed on Friday, with state-run refineries entering planned maintenance.

May shipments were 39.05 million tonnes, or 9.2 million barrels per day (bpd), according to the General Administration of Customs. That compared with 9.6 million bpd in April.

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