Oil prices edged lower on Monday, pressured by Moody's downgrade of the US sovereign credit outlook and weaker-than-expected economic data from China. Brent crude slipped 0.5 per cent to $65.07 a barrel, while West Texas Intermediate (WTI) lost 0.4 per cent to $62.22. Both benchmarks had climbed more than 1 per cent last week. Moody's revised outlook on the US credit rating has raised concerns of a gradual economic slowdown, though analysts say the impact is likely to be drawn out rather than abrupt. In China, April industrial output and retail sales came in below March figures, signalling cooling momentum. Still, factory growth slightly outpaced forecasts, offering some reassurance for energy markets. Traders also remain cautious amid continued uncertainty over Iran-US nuclear talks. Recent US demands for stricter uranium enrichment limits have drawn strong objections from Tehran, clouding prospects for a swift resolution. Attribution: Reuters Subediting: Y.Yasser
