China factory activity growth slowed in June Caixin PMI
OPEC output dips in June ahead of Saudi cut survey
Oil demand set to jump in 2nd half of 2023 PVM

LONDON, July 3 Reuters Oil slipped on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC output cuts.

Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank39;s 2 target and stoked expectations it would hike interest rates again.

Brent crude futures were down 4 cents to 75.37 a barrel by 0800 GMT after settling up 0.8 on Friday. U.S. West Texas Intermediate crude was at 70.55 a barrel down 9 cents, after closing 1.1 higher in the previous session.

Brent fell for the fourth straight quarter by the end of June while WTI notched a second quarterly drop as the world39;s top two economies, the U.S. and China, lost speed in the second quarter.

Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices, National Australia Bank analysts said in a note.

Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand.

Factory activity growth in China, the world39;s largest crude importer, also slowed in June as sentiment and recruitment cooled on the back of sluggish market conditions,…