On Monday, crude oil prices slumped with traders on the sidelines waiting for further demand hints.
In New York, July delivery crude futures sagged 1.08%, trading at $48.54 per barrel, while Brent crude futures were worth $50.06, showing a 0.95% decrease.
In China, May’s fixed asset investment soared 9.6%, which is below the expected 10.5% revenue year-on-year. Moreover, May’s industrial production gained 6%, compared to the year-on-year outcome of 5.9%. Meanwhile, retail sales leapt 10%, however, still hovering below the expected year-on-year outcome of 10.1%.
By the way, Australian markets are unavailable for a holiday.
Crude traders are going to focus on Tuesday’s American stockpile data, while Wednesday is expected to bring new supply-and-demand indications. As for Monday, this day, traders are waiting for the OPEC’s release of its monthly assessment of crude markets.
Last week, crude futures ended the week steeply lower on Friday, losing almost 3%, as traders kept monitoring supply disruptions around the globe for further signals on the rebalancing of the market.