Oil prices inch down on weaker US consumer demand ahead of China data

admin admin | 06-17 16:20

Markets in key oil trading hub Singapore and other countries in the region were closed for a public holiday on Monday.
Oil prices slipped in early Asian trading on Monday after a survey on Friday showed weaker U.S. consumer demand and as traders awaited the release of key economic data from China, the world's biggest crude importer.

Global benchmark Brent crude futures were down 15 cents, or 0.18%, at USD 82.47 per barrel at 0034 GMT. U.S. West Texas Intermediate crude futures were down 16 cents, or 0.2%, at USD 78.29 a barrel.

That followed prices slipping on Friday after a survey showed U.S. consumer sentiment fell to a seven-month low in June, with households worried about their personal finances and inflation.

However, both benchmark contracts still gained nearly 4% last week, the highest weekly rise in percentage terms since April, on signs of stronger fuel demand.

Economic data from China on Monday will set the tone for commodity markets this week, ANZ analysts said in a note.

China's refinery throughput will offer an indicator of oil demand, while retail sales, business investment, industrial production, and house price figures will give a clearer picture of economic activity in the world's largest crude oil importer.

Producer and consumer data last week showed the country is still grappling with deflation.

Markets in key oil trading hub Singapore and other countries in the region were closed for a public holiday on Monday.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 4 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 4 hours ago

Mega Corporation launches Lendingo to enhance EV financing solutions

Mega Corporation on Monday announced the launch of a new division, Lendingo. Mega Corporation on Mon...

auto | 4 hours ago

GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025

The government in a recent draft policy proposed to convert a third of long-haul trucks into LNG pow...

auto | 4 hours ago

Remsons Industries acquires 51% stake in BEE Lighting to enhance automotive lighting solutions

Established in 2006, BEE Lighting specialises in automotive headlamps, rear lamps, and various exter...

auto | 4 hours ago

EV Recharge partners with ZEVO for mobile EV charging solutions

EV Recharge’s technology can charge vehicles from 0% to 80% in just 20 minutes, a significant improv...

auto | 4 hours ago