Oil prices struggle amid concerns over Chinese demand and supply uncertainty

Oil prices settled lower as concerns about China's economic slowdown continue to weigh on demand from the world's top crude importer. China's sluggish economic activity, despite pledged stimulus, has disappointed markets. Additionally, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. On the supply side, the resumption of oil flows between Iraq and Turkey could potentially add almost half a million barrels per day to global oil supply, offsetting Saudi Arabia's additional production cut. Overall, weakening crude demand from China and potential supply increases are contributing to the downward pressure on oil prices.