Oil Prices Fall on Weaker US Consumer Demand Ahead of China Data

By Colleen Howe

Oil prices fell in early Asian trading on Monday after a survey on Friday showed weaker consumer demand in the US and as traders awaited the release of key economic data from China, the biggest importer. world of crude oil.

Global benchmark Brent crude futures fell 15 cents, or 0.18%, to $82.47 per barrel at 0034 GMT. West Texas Intermediate crude oil futures fell 16 cents, or 0.2%, to $78.29 a barrel.

This followed prices falling on Friday after a survey showed US consumer sentiment fell to a seven-month low in June as households worried about their personal finances and inflation.

However, both benchmark contracts still gained almost 4% last week, the biggest weekly increase in percentage terms since April, due to signs of stronger fuel demand.

China’s economic data released on Monday will set the tone for raw materials markets this week, ANZ analysts said in a note.

China’s refinery output will offer an indicator of oil demand, while retail sales, business investment, industrial production and housing price values ​​will give a clearer picture of economic activity in the world’s largest crude oil importer. .

Data from producers and consumers showed last week that the country is still struggling with deflation.

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

(Reporting by Colleen Howe; Editing by Sonali Paul)