Oil prices remained steady on Monday as mixed Chinese economic data tempered hopes for increased demand during the northern hemisphere’s summer driving season.
Despite a boost in Chinese retail sales, overall economic data was disappointing, echoing U.S. consumer sentiment hitting a seven-month low. Global benchmark Brent crude edged up by 6 cents to $82.68 a barrel, while U.S. West Texas Intermediate rose by 2 cents to $78.47. Last week’s gains in oil prices, the first in four weeks, were driven by expectations of declining inventories during summer. However, continued weak Chinese factory activity dampened optimism.
Reports from OPEC and the International Energy Agency last week provided mixed views on oil demand growth, contributing to cautious market sentiment. Additionally, geopolitical concerns, particularly the potential for escalated conflict between Israel and Hezbollah, added to market uncertainties. Asian markets, including Singapore, were closed for a public holiday.
Source: Reuters