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The
dollar firmed as trading on a victory by Donald Trump in the
coming U.S. election gathered steam after an attempted
assassination of the former U.S. President. A stronger dollar
makes oil more expensive for buyers with other currencies and
tends to weigh on oil prices.
Brent crude futures were up 8 cents, or 0.1%, at $85.11 a barrel
by 1000 GMT. U.S. West Texas Intermediate crude gained 19 cents,
or 0.2%, to $82.40.
"Chinese data including refinery runs and crude imports are not
supportive," said UBS analyst Giovanni Staunovo. "But demand
growth elsewhere is still healthy."
Crude fell last week after four weeks of gains as hopes of
strong U.S. summer demand were countered by concern over demand
in China.
Chinese data on Monday added to that concern. The world's
second-largest economy grew by 4.7% in the April to June
quarter, official figures showed, the slowest growth since the
first quarter of 2023.
On Friday separate figures showed China's crude oil imports fell
2.3% in the first half of this year.
However, the volatile situation in the Middle East continues to
provide a geopolitical premium for oil, though ample spare
capacity held by Saudi Arabia and other members of OPEC has
limited price support, analysts say.
The oil market is also broadly underpinned by supply cuts from
the OPEC+ group of producers. Iraq's oil ministry said at the
weekend that it will compensate for overproduction since the
beginning of 2024.
"While fundamentals are still supportive, there are growing
demand concerns, largely emanating from China," said ING
analysts led by Warren Patterson.
(Reporting by Alex LawlerAdditional reporting by Florence
TanEditing by David Goodman)
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