Brent futures dipped 13 cents to $75.54 a barrel by 00:08 GMT, while U.S. West Texas Intermediate crude dropped 10 cents to $70.52 a barrel.Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second highest total on record.
Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year, saidStill, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in MayConcerns around interest rates also weighed, with investors worried that higher rates would slow the U.S. and European economies and reduce oil demand.to a 22-year high as expected on Thursday. It signaled further policy tightening, as it battles high inflation.