Oil prices gain, U.S. crude little changed after inventory data

Oil prices gain, U.S. crude little changed after inventory data

USA crude CLc1 settled at $59.58 a barrel, shedding 63 cents, or 1.1%.

"Despite the lowest Chinese economic growth in almost three decades, industrial data wasn't all that bad and helped oil prices edge up early on Monday morning, with prices additionally supported by the fact that 72.82 percent-or to 1,376,265 bpd-of the current oil production in the U.S. Gulf of Mexico was shut-in as of Sunday in response to the tropical storm Barry", according to OilPrice. USA crude fell 39 cents per barrel to trade at $57.24 a barrel by 11:09 a.m. EDT [1509 GMT], while gasoline futures traded down 0.45 cent to $1.8867 a gallon. The worldwide benchmark lost 24 cents, or 0.4%, on Monday.

A total of 283 production platforms, or 42%, remain shut in the Gulf of Mexico, BSEE said.

Brent crude futures fell $1.01 a barrel to $65.47 by 1:04 p.m. EDT (1704 GMT). The U.S. benchmark hit a session high of $60.06 earlier.

Unpredictability concerning China's financial leads additionally pressured prices after information on Monday revealed that development in the country slowed to 6.2% from a year previously, the weakest speed in at least27 years.

USA officials say they are unsure whether an oil tanker towed into Iranian waters was seized by Iran or rescued after facing mechanical faults as Tehran asserts, creating a mystery at sea at a time of high tension in the Gulf.

China's economy slowed to the weakest pace in nearly three decades in the second quarter amid an ongoing trade dispute with the USA, while the International Energy Agency said Friday that global inventories unexpectedly swelled in the first half of this year. The Atlantic hurricane season threatened offshore oil production and began soaking Louisiana with heavy rains, leading to 15 production platforms and four rigs being evacuated in the Gulf of Mexico.

The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to become the world's biggest crude producer, ahead of Russian Federation and Saudi Arabia.

Natural gas output from the northern Gulf of Mexico is down 62%, or 1.7 billion cubic feet per day, BSEE said.

Market activity has started to slow as it tends to do in July and August, the peak European and United States holiday season, Hansen said. Still, tensions with Iran are providing some support to oil, he said. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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