By Colleen Howe Oil prices slipped in early Asian trade Monday after a survey Friday showed weaker U.S. consumer demand and as traders await the release of key economic data from China, the largest importer of crude oil in the world.
Global benchmark Brent oil futures were down 15 cents, or 0.18 percent, at $82.47 a barrel by 0034 GMT. West Texas Intermediate crude oil futures fell 16 cents, or 0.2 percent, to $78.29 a barrel.
It follows prices falling Friday after a survey showed U.S. 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 rise in percentage terms since April, on signs of stronger fuel demand.
China’s economic data on Monday will set the tone for commodity markets this week, ANZ analysts said in a note.
Chinese refinery throughput will be 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 largest importer of crude oil in the world.
Last week, producer and consumer data showed the country was still grappling with deflation.
Markets in Singapore, an oil trading hub, and other countries in the region were closed Monday due to a public holiday.
