(Bloomberg) -- Oil fell after two weekly increases as the spread of the delta coronavirus variant continued to challenge demand, while data signaled a slowdown in China.West Texas Intermediate shed 1.2%, after rising 2.6% last week. The virus is clouding the outlook for consumption across the Asia Pacific. China faces a fresh outbreak, Thailand is set to expand its quasi-lockdown measures, and infections in Sydney matched a record. Data showed China’s economic activity eased in July, implying a
(Bloomberg) -- Australia’s second- and third-biggest oil and gas companies are set to merge to become one of the largest in the region and in the top 20 globally.Oil Search Ltd. on Monday said it agreed to an improved all-share offer from Santos Ltd. that would give its equity holders 0.6275 new Santos shares for each one held, giving them about 38.5% of the merged group. The combined entity would have a market capitalization of about $16 billion, vying with Woodside Petroleum Ltd. to be Austral
SINGAPORE (Reuters) -Oil prices fell on Monday on worries over China's economy after a survey showed growth in factory activity slipped sharply in the world's second-largest oil consumer, with concerns compounded by a rise in oil output from OPEC producers. Brent crude oil futures slid by 74 cents, or 1%, to $74.67 a barrel by 0653 GMT, after dropping to a low of $74.10 earlier in the day. U.S. West Texas Intermediate (WTI) crude futures dropped 70 cents, or 1%, to $73.25 a barrel after slipping to a session low of $72.77.