Mumbai, 17 Jun (Commoditiescontrol): Crude oil prices edged lower in early Asian trading on Monday, reacting to a survey from Friday indicating weaker U.S. consumer demand. Traders are also anticipating significant economic data from China, the world's largest crude importer, set to be released later in the day.
Global benchmark Brent crude futures fell by 15 cents, or 0.18%, to $82.47 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures declined by 16 cents, or 0.2%, to $78.29 a barrel.
This downturn follows a price slip on Friday after a survey revealed that U.S. consumer sentiment dropped to a seven-month low in June. Concerns about personal finances and inflation weighed heavily on households.
Despite the recent decline, both benchmark contracts saw an impressive nearly 4% rise last week, marking the highest weekly increase in percentage terms since April. This gain was driven by signs of stronger fuel demand.
According to ANZ analysts, the upcoming economic data from China on Monday will be crucial in setting the tone for commodity markets this week. Key indicators such as refinery throughput, retail sales, business investment, industrial production, and housing price figures will provide insights into economic activity in China, which significantly impacts global oil demand.
Last week's producer and consumer data from China indicated that the country is still struggling with deflation, adding another layer of complexity to market forecasts.
Additionally, markets in key oil trading hubs like Singapore and other regions were closed for a public holiday on Monday, potentially affecting trading volumes and market reactions.
As the week progresses, market participants will closely watch how the anticipated economic data from China influences crude oil prices and overall market sentiment.
(By Commoditiescontrol Bureau: 09820130172)
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