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Oil prices fell in Asian trading on Monday after a survey on Friday showed weaker US consumer demand and May crude production rose in China, the world’s biggest crude importer.

Global benchmark Brent crude futures for August fell 40 cents, or 0.5%, to US$82.22 a barrel at 0631 GMT. U.S. West Texas Intermediate crude futures for July delivery fell 36 cents to US$78.09 a barrel.

The more active WTI contract for August deliveries fell 0.5% to $77.7 per barrel.

That followed a price drop on Friday after a survey showed US consumer confidence fell to a seven-month low in June, with households worried about their personal finances and inflation.

However, both benchmark contracts still rose almost 4% last week, the highest weekly increase in percentage terms since April, on signs of stronger fuel demand.

“Last week’s robust rally was fueled by forecasts of strong demand from OPEC+ and the IEA in 2024. However, given OPEC’s vested interests in crude oil, there is some skepticism surrounding OPEC’s forecasts,” says Tony Sycamore , market analyst at IG in Singapore.

“Friday’s soft US consumer confidence data indicate that the resilience of US consumers and the US economy will be tested as households reduce savings to combat higher interest rates and cost-of-living pressures.” , he added.

Meanwhile, China’s domestic crude oil production rose 0.6% year-on-year to 18.15 million tonnes in May, according to data released by the National Bureau of Statistics on Monday.

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Year-to-date production was 89.1 million tonnes, up 1.8% from a year earlier. National crude oil throughput fell 1.8% in May from the same level a year ago to 60.52 million tonnes, with a total of 301.77 million tonnes this year, up 0.3% from from a year ago.

The country’s industrial output fell short of expectations in May and a slowdown in the real estate sector showed no signs of easing, increasing pressure on Beijing to support growth.

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