LONDON: Crude prices slipped towards $103 a barrel on Monday as oil demand in the world's second-largest consumer China fell to eight-month lows, weighing on the global outlook for the fuel.
China's refinery crude throughput fell 3 percent in April from March, notching its lowest daily rate since last September, as refineries entered maintenance season. Implied oil demand in the country was up 3.2 percent in April from a year earlier to about 9.6 million barrels per day (bpd), the lowest in 8 months.
A firm dollar, which makes oil more expensive for holders of other currencies, also weighed on prices.
Brent crude slipped 61 cents to $103.30 barrel by 0815 GMT. US oil fell 76 cents to $95.28 a barrel.
"The global demand outlook remains weak together with refining margins. China's crude imports were relatively slow, so China is no longer pulling the global demand," said Olivier Jakob, analyst at Zug, Switzerland-based Petromatrix.
