Oil prices come off earlier gains as banks cut China growth forecasts

Global oil prices fell on Monday due to concerns over China’s faltering post-COVID recovery, which overshadowed last week’s OPEC+ output cuts and the fall in the number of oil and gas rigs operating in the US. China will launch more stimulus to support the economy, but the measures are expected to focus on strengthening consumer and private sector demand. Refinery throughput in China was up in May to the second-highest total on record, helping to support prices. U.S. gasoline demand also rose to its highest level since December 2021. Despite the obstacles, OPEC+ output cuts and Saudi Arabia’s additional cut in July are still backing oil prices.