Brent crude oil futures At 0032 GMT, U.S. West Texas Intermediate crude was down 13 cents, or 0.2%, at $79.55 a barrel. U.S. West Texas Intermediate crude futures were down 13 cents, or 0.2%, at $76.52 a barrel.
Both benchmark indices fell nearly 2% last Friday as investors moderated their expectations. growth in demand from China, but ended the week virtually unchanged from the previous week after a batch of US data last week showed inflation I was moderating and retail spending He was robust.
“Persistent concerns about sluggish demand in China led to a sell-off,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, adding that another factor was the impending end of the peak driving season in the United States.
“Still, tensions in the Middle East and the escalating war between Russia and Ukraine, which pose supply risks, are underpinning the market,” he said. On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising. That has stoked concerns among traders about a drop in demand from China, where refiners sharply cut crude processing rates last month amid tepid fuel demand. Meanwhile, U.S. Secretary of State Antony Blinken arrived in Tel Aviv on Sunday on another Middle East tour to push for a Gaza ceasefire, but Hamas raised questions about the mission by accusing Israel of undermining its efforts.
The mediating countries – Qatar, the United States and Egypt – have so far failed to narrow their differences sufficiently to reach a deal in months of on-and-off negotiations, and violence continued unabated in Gaza on Sunday.
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