Oil prices fell in early Asian trading on Monday as market sentiment was weighed by fears about weak demand in China, world’s top oil importer.
Brent crude futures dropped 13 cents, or 0.2 percent, to USD79.55 a barrel. West Texas Intermediate crude futures fell 13 cents, or 0.2 percent, to USD76.52 a barrel.
Both benchmarks fell nearly 2% last Friday as investors tempered expectations of demand growth from China, but ended the week largely unchanged from a week earlier after a batch of US data last week showed inflation was moderating and retail spending was robust.
On Thursday, data from China showed its economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial output slowing and unemployment rising.
This raised concerns among traders about a decline in demand from China, where refineries sharply cut crude processing rates last month due to weak demand for fuel.
Source: Qatar News Agency