Oil prices extend last week’s losses as US drilling, China data raise concerns

Reuters, via CNBC/05-01-17

Oil slipped more than 1 percent on Monday, as rising crude output with Libya hitting its highest production since 2014 and increased U.S. drilling countered OPEC-led production cuts aimed at clearing a supply glut.

Signs of slower-than-expected growth in manufacturing in China and a weaker figure for U.S. manufacturing sentiment also weighed on expectations for oil demand and the market.

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