Oil down on Monday

Oil prices dipped in thin trade on Monday as investors awaited key Chinese and US economic data this week to gauge demand prospects in the world’s largest oil consumers.

Brent crude slipped 8 cents to $74.09 per barrel, while the March contract fell 6 cents to $73.73. US West Texas Intermediate (WTI) crude edged down 5 cents to $70.55.

Prices gained 1.4 per cent last week, supported by a sharper-than-expected drawdown in US crude inventories and optimism over China’s economic recovery. Beijing’s recent measures, including a record 3 trillion yuan ($411 billion) in 2025 treasury bonds, aim to boost growth.

China’s crude import quotas for independent refiners have reached 152.49 million metric tons for 2025. Meanwhile, the World Bank revised China’s 2024 and 2025 growth forecasts but flagged persistent risks in the property sector.

Market focus now shifts to China’s PMI data on Tuesday and the US ISM survey on Friday. In Europe, LNG imports are likely to rise amid fading hopes for a renewed Russia-Ukraine gas transit deal.

Attribution: Reuters