Oil prices eased on Monday after seven straight weeks of gains supported by tightening supply on OPEC+ output cuts, as concerns about China's faltering economic recovery and a stronger dollar weighed.
Brent crude futures fell 29 cents, or 0.3%, to $86.52 a barrel by 0033 GMT while U.S. West Texas Intermediate crude was at $82.95 a barrel, down 24 cents, or 0.3%.extended gains on Monday after a slightly bigger increase in U.S. producer prices in July lifted Treasury yields despite expectations that the Federal Reserve is at the end of hiking interest rates.
Supply cuts by Saudi Arabia and Russia, part of the alliance between the Organization of the Petroleum Exporting Countries and their allies, or OPEC+, are expected toin the rest of this year, potentially driving prices even higher, the International Energy Agency said in its monthly report on Friday.
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