Oil prices dipped as traders weighed weaker fuel demand in India against optimism over the global economic recovery from the coronavirus pandemic.
Oil extended its slide from a three-month low as investors eschewed risky assets amid speculation China’s efforts to stem an equity rout are failing. Futures fell as much as 0.9 percent in New York for a fifth day of declines, the longest losing streak since May. The Shanghai Composite Index plunged as traders unwind margin bets at a record pace amid a slump that’s wiped more than $3.5 trillion of value. Diplomats in Vienna extended a deadline for a nuclear deal with Iran until July 10. Oil has given up this year’s gains as investors avoided risky assets amid concern over economic stability in Asia and Europe. Iran, the fourth-largest producer in the Organization of Petroleum Exporting Countries, plans to boost crude exports and recapture market share when sanctions are lifted.