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“Crude has dropped 25 percent since late April so it is possible we are oversold in the short-term but risk to the downside remains. Analysts and participants have finally started to notice China may have serious issues. Consistent information is increasingly difficult to obtain , but signs continue to point to a potential hard landing,” Howell added.
The start of hurricane season in the U.S. could provide a short-term lift to prices though traders say there are ample stockpiles to compensate for shut-ins in the Gulf of Mexico.
Tropical Storm Debby formed in the central Gulf of Mexico on Saturday and was expected to strengthen into a hurricane as it skirted the Louisiana coast and took aim at Texas, Reuters reported, citing the U.S. National Hurricane Center.
Debby covered much of the eastern Gulf and was centered about 215 miles (346 km) south-southeast of the mouth of the Mississippi River.
The storm had top winds of 50 miles per hour (81 km per hour) and was expected to strengthen into a hurricane by Tuesday night.
Oil and gas producers evacuated workers from oil and gas platforms and shut in production on Saturday as the weather worsened in the Gulf of Mexico, which is home to 20 percent of U.S. oil production and 6 percent of natural gas output.
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