SINGAPORE: Oil prices slipped on Monday on weak China data, but held on to most of last week’s gains, as investors awaited US-China trade talks in London later in the day, hoping a deal could boost the global economic outlook and fuel demand.
Brent crude futures slipped 18 cents, or 0.27 percent, to $66.29 a barrel by 08:44 a.m. Saudi time. US West Texas Intermediate crude fell 15 cents, or 0.23 percent, to $64.43.
China’s exports growth slowed to a three-month low in May as US tariffs slammed shipments, data showed, while factory-gate deflation deepened to its worst in two years, heaping pressure on the world’s second-largest economy both at home and abroad.
The data also showed that China’s crude oil imports declined in May to the lowest daily rate in four months, as state-owned and independent refiners underwent widespread planned maintenance.
“Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65,” said IG market analyst Tony Sycamore, referring to WTI prices.
