China growth concerns push oil prices down over $1.

Global oil prices fell over $1 as concerns over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States. China's economic uncertainties may have caused the selloff after a two-day rebound in oil markets ahead of The People's Bank of China's (PBOC) decision on its loan prime rates (LPR) this week. OPEC+ is expected to struggle to get compliance with production quotas, and Rosneft is suggesting the cartel of oil producers focuses on exports and not production.