Oil prices broadly stable after weak Asian data | Reuters

Oil prices broadly stable after weak Asian data | Reuters

Oil prices were broadly stable on Tuesday, recouping losses incurred earlier in the session on the back of weak demand picture in Asia and OPEC and its allies saying the market does not need more crude.

Brent crude was up 25 cents, or 0.4%, at $69.76 per barrel as of 1346 GMT. U.S. West Intermediate crude (WTI) rose 9 cents, or 0.1%, to $67.38 a barrel. Both contracts had fallen for three straight sessions.

On the demand side, daily crude processing in China, the world's biggest oil importer, fell to its lowest in July since May 2020 as independent plants slashed production amid tighter quotas, high inventories and weakening profits. read more

China's factory output and retail sales growth also slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted businesses. read more