Oil settles lower, posts second straight weekly loss

Oil prices settled lower on June 9, as investors assess the Chinese economic recovery after lifting the COVID-19 pandemic precautions.

Official Chinese data showed that producer index fell 4.6% at the fastest pace in May, marking the eighth consecutive decline. The Asian economy is slowing after a previous decline in imports and exports data.

Elsewhere, OPEC+ slashed its crude oil production by 670,000 barrels per day (bpd) in May, as the voluntary cuts with which the group shocked the markets in April began, the latest Platts survey by S&P Global Commodity Insights showed on June 9.

Brent crude for August delivery slid 1.5%, or $1.17, to $74.79 a barrel, posting a weekly loss of 1.8% for the next month.

West Texas Intermediate (WTI) crude for July delivery dropped 1.6%, or $1.12, to $70.17 a barrel, with weekly losses of 2.2%.