Oil stocks lower as China economic outlook weighs on prices
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The news: ASX oil stocks edged lower in morning trade as concerns over China's economic outlook weighed on benchmark prices.
The numbers: Oil and gas majors Karoon Energy (-1.4%), Ampol (-0.6%) and Beach Energy (-0.4%) were all trading lower by 11am AEST. Karoon Energy is trading ex-dividend on the ASX today.
However, Woodside Energy (0.5%) and Santos (0.1%) lifted as the energy sector added 0.15%.
Brent crude was down 0.4% to USD77.21 ($113.85) a barrel while West Texas Intermediate rose 0.53% to USD73.94.
The context: Oil dipped after benchmark prices gained on Monday, as concerns over China’s economic outlook offset supply disruptions from Libya following political unrest, Bloomberg reported.
Libya's state oil firm has declared force majeure at its El-Feel field, as an escalating power struggle in the country has already seen the OPEC member’s output halved.
In the last few weeks, oil has erased nearly all of this year’s gains, as economic concerns in China and the US and abundant supply continues to weigh on sentiment.
The source: Bloomberg
