Crude oil prices experienced a dip on Monday due to concerns over China's economic recovery and demand, outweighing the bullish sentiment of the OPEC+ output cut decision.
Brent crude fell by over 1% to $75.84 a barrel, and US WTI crude declined by 1.1% to $71.02 a barrel. The announcement of Saudi Arabia's further output cut had initially caused a surge in prices, but the excitement was short-lived, and prices declined within days.
Economic uncertainties in China, including a bumpy recovery, have put pressure on crude prices and sluggish demand outlooks. Slowdowns in China's consumer and factory activity and GDP growth rate have fueled concerns over its recovery and led to a sell-off in oil markets.
