WTI extends losses near $86.70, Chinese crude oil output edges up

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• Crude oil prices weaken despite geopolitical tension in the Middle-East.
• Israel hit missiles at Damascus and Aleppo international airports in Syria.
• Chinese crude oil output edged up 0.3% (YoY) to 16.87 million tonnes.

Western Texas Intermediate (WTI) oil price extends losses for the second session, trading lower around $86.70 per barrel during the Asian session on Monday. However, Crude oil prices received upward support due to the concerns that the Israel-Gaza conflict may escalate across the Middle East, potentially disrupting supplies from one of the world’s leading production regions.