Oil prices fell in Asian trading as investors tread carefully ahead of fresh economic data from major consumers the United States and China this week.
Brent crude futures fell 55 cents, or 0.7%, to $77.92 a barrel, and US West Texas Intermediate crude fell 55 cents, or 0.7%, to $73.31 a barrel, according to “Reuters.”
China’s factory prices fell at the fastest pace in more than seven years in June, government data showed on Monday, as the momentum of economic recovery in the world’s second-largest economy slowed.
The oil benchmark rose more than 4% last week to reach its highest level since May, rising for the second week in a row after Saudi Arabia and Russia pledged to deepen supply cuts in August.
Saudi Arabia will extend its production cut of 1 million barrels per day until August, and Russia will cut crude oil exports by 500,000 barrels per day.
