The price of crude oil was ticking lower Monday morning as traders digest a slew of Chinese data released over the weakened, which were pointing to sluggish activity in the world's second largest economy. Exports, lending, industrial production and fixed asset investment showed weaker growth in May while retail sales maintained momentum. Inflation slowed unexpectedly during the month.
Light Sweet Crude Oil (WTI) futures for July delivery, shed $0.33 to $95.70 a barrel. Last week, oil rose over 4 percent on easing demand growth concerns after some upbeat, better than expected jobs data out of the U.S. with the dollar strengthening against a basket of major currencies.
This morning the U.S. dollar was lingering near a four month low versus the euro and sterling, while leveling off from a two-month low against the Swiss franc and the yen.
In economic news, investor confidence in euro zone improved for a second consecutive month in June, data released by think-tank Sentix showed. The investor sentiment index rose to -11.6 in June from -15.6 in May. The latest figure, however, was slightly weaker than -11.3 expected. The current situations sub-index for the euro area increased to -28.8 from -32.3 in May. The expectations component rose notably to 7.3 from 2.8 in the preceding month.
Meanwhile, a report from the Federal Statistical Office revealed Switzerland's retail sales grew by real 3.3 percent in April from the prior year. The annual growth follows a 0.8 percent drop in March. Likewise, excluding sales of fuel, retail turnover surged 3.5 percent annually, reversing last month's 0.9 percent decrease in March.
During this week, traders will look to the Commerce Department's retail sales report for May, the Federal Reserve's industrial production report for May, the Labor Department's jobless claims report and the results of a preliminary consumer sentiment survey by Reuters and the University of Michigan.
The Commerce Department's wholesale and business inventories reports for April, the Labor Department's producer prices report for May and the Commerce Department's fourth quarter current account deficit data will be in focus
Also, focus will be on the crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
