Economic Concerns Weigh on Oil Markets

Oil remains narrowly down Friday as the markets weigh OPEC production cuts against economic weakness.

• China's factory-gate prices fell at the fastest pace in over seven years in June, government data showed on Monday, as the momentum of economic recovery in the world's second-largest economy has slowed.
• The US added fewer jobs than anticipated in June but still-strong wage growth and a slight drop in the unemployment rate will likely keep the Fed on track to raise interest rates at the upcoming July meeting.
• On the support side, Saudi’s extra voluntary production cuts of 1mn bpd should be underway this month, rolling for another month into August.
• The market is mixed about Russia’s will to fulfil its 500,000 bpd export cut commitment after production cut commitments this year have fallen short.
• Brent SEP 23 down -0.5% at 78.1$/bbl
• WTI AUG 23 down -0.5% at 73.49$/bbl