Oil prices declined in early Asian trading on Monday, following a survey released on Friday indicating weaker U.S. consumer demand. Traders are now eagerly awaiting key economic data from China, the world’s largest crude importer.
As of 0034 GMT, Brent crude futures, the global benchmark, fell by 15 cents or 0.18% to $82.47 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures dropped by 16 cents or 0.2% to $78.29 per barrel.
The dip in prices comes after a survey revealed that U.S. consumer sentiment reached a seven-month low in June, with concerns growing over personal finances and inflation. Despite this, both benchmark contracts saw nearly a 4% increase last week, marking the highest weekly rise in percentage terms since April, driven by signs of stronger fuel demand.
Analysts from ANZ noted that Monday’s economic data from China would play a crucial role in setting the tone for commodity markets this week. Key indicators such as China’s refinery throughput, retail sales, business investment, industrial production, and house prices are expected to provide a clearer picture of economic activity in the world’s largest crude oil importer.
Recent producer and consumer data highlighted China’s ongoing struggle with deflation, adding further uncertainty to the market outlook.
Meanwhile, markets in Singapore and other key oil trading hubs in the region were closed on Monday due to a public holiday.
Related topics:
WTI Crude Oil Sees Gains but Faces Tight Trading Range
