Oil Slides as Libya Resumes Output and China GDP Disappoints

Oil prices slipped as Libya resumed production, ending a shutdown at two oilfields, while concerns grew over China's economic recovery. Brent crude futures fell 0.7% to $79.30 a barrel, and U.S. West Texas Intermediate crude dropped 0.7% to $74.90 a barrel. The resumption of Libyan oil production and the release of economic data from China have contributed to the decline in oil prices. Additionally, Russia is expected to reduce oil exports from western ports next month, aligning with its commitment to supply cuts alongside Saudi Arabia. Traders are also awaiting economic data from China, the UK, and Japan, which will influence the decisions of central banks and potentially impact oil demand.