Oil Traders may be Cautious of U.S CPI and China’s Slew of Economy – CMC Market Analyst.

Oil prices dipped on Monday after weak economic data from top consumers the United States and China, although expected crude supply cuts from Saudi Arabia and Russia limited losses.
Brent crude futures fell 40 cents, or 0.5%, to $78.07 a barrel by 1005 GMT, and U.S. West Texas Intermediate crude was also off 40 cents, or 0.5%, at $73.46 a barrel,
“Oil traders may be cautious ahead of the U.S. CPI and China’s slew of economic data later this week,” CMC Markets analyst Tina Teng said, of inflation data due out on Wednesday.
In the U.S., data on Friday pointed to the smallest job gains in two-and-a-half years, but strong wage growth.
The figures will likely keep the U.S. Federal Reserve on track to raise interest rates at its July meeting.
China’s factory-gate prices fell at the fastest pace in more than seven years in June, government data showed on Monday, as recovery in the world’s second-largest economy slowed.
However, crude prices could rebound after OPEC+ announced plans to further reduce supply, Teng added.

Source: Reuters

EntekHub.com

All Author Posts