Global oil prices fell on Monday, backing off last week's gains as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.
Brent crude lost 68 cents to trade at $75.93 a barrel by 0042 GMT, while U.S. West Texas Intermediate crude was down 59 cents to $71.19.A number of major banks have cut their 2023 gross domestic product growth forecasts forafter May data last week showed the post-COVID recovery in the world's second-largest economy was faltering.
Still, China's refinery throughput rose in May to its second-highest total on record, helping to boost last week's gains, and U.S. energy firmsthe number of working oil and natural gas rigs for a seventh week in a row for the first time since July 2020.
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