Oil held near its lowest level in almost three months on persistent concerns over the demand outlook in China and the US.

West Texas Intermediate futures steadied above $67 a barrel, after losing more than 7% over the previous three sessions, while global benchmark Brent hovered near its lowest close since December 2021.

Sluggish Chinese trade data, as well as international flights from Northeast Asia still far below pre-pandemic levels, highlight the lackluster recovery in the world's biggest crude importer. The nation's central bank tried to spur growth with an unexpected cut in its short-term policy interest rate on Tuesday.

A slowdown in the US and resilient Russian exports are adding to the downward pressure, canceling out Saudi Arabia's recent decision to cut 1 million barrels a day of production. Goldman Sachs Group Inc. lowered its oil price forecasts for the third time in six months on Sunday, saying it sees supplies swelling and demand waning. 

WTI for July delivery rose 0.5% to $67.48 a barrel at 11:51 a.m. in Singapore. Brent for August settlement added 0.7% to $72.36 a barrel.

Source : Bloomberg