Oil prices dip after biggest weekly gain since April
- Global benchmark Brent crude futures were down 15 cents, or 0.18%, at $82.47 per barrel at 0034 GMT. U.S. West Texas Intermediate crude futures were down 16 cents, or 0.2%, at $78.29 a barrel.
Oil slipped after its biggest weekly advance since early April as traders waited for Chinese data that will provide a snapshot on the economic strength of the world’s top crude importer.
Brent fell toward $82 a barrel after rising 3.8% last week, the first weekly gain in four. West Texas Intermediate was near $78. China is scheduled to release industrial output and crude refining figures for May.
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China’s oil refining — known as crude throughput — is expected to be flat or fall this year for the first time in two decades, excluding a downturn in 2022 due to Covid-19, according to most market watchers surveyed by Bloomberg. The nation processed a record volume in 2023 as demand rebounded.
Oil has trended lower since early April on signs of robust supply and concerns over demand, particularly from China. OPEC recently rattled the market with a plan to return more output this year, forcing key members to clarify that the group can pause or reverse production changes if necessary.
“Crude has room for growth," said Gui Chenxi, an analyst at CITIC Futures Co. The third quarter is typically peak season globally and should drive oil processing and demand higher, she added.
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