Oil prices inch down on weaker US consumer demand ahead of China data
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Oil prices slipped on weaker U.S. consumer demand. China's economic data indicated deflation, impacting markets in Singapore and other countries. Brent crude futures were down 15 cents, or 0.18%, at $82.47 per barrel at 0034 GMT. U.S. crude futures were down 16 cents, or 0.2%, at $78.29 a barrel. Both benchmark contracts still gained nearly 4% last week, the highest weekly rise in percentage terms since April. Economic data from China on Monday will set the tone for commodity markets this week, analysts said in a note. China's refinery throughput will offer 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 world's largest crude oil importer. Producer and consumer data last week showed the country is still grappling with deflation.

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https://m.economictimes.com/markets/commodities/news/oil-prices-inch-down-on-weaker-us-consumer-demand-ahead-of-china-data/articleshow/111048391.cms