Oil prices dip on weak Chinese refining activity – Reuters
Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising U.S. shale output suggested supplies would likely remain high, according to Reuters.
Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.00 per barrel at 05:04 GMT, down 10 cents, or 0.2 percent, from their last close, as reported by Reuters.
Oil inches higher after data points to declining U.S. inventories – mediaU.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.78 a barrel, down 4 cents, or 0.1 percent.
Chinese refineries processed 0.4 percent more crude oil in July than a year earlier at 45.5 million tonnes, or about 10.71 million barrels per day (bpd), data from the National Bureau of Statistics showed on Monday.
This would be the lowest amount on a daily basis since September 2016, according to Reuters calculations based on official data.