Oil Above $93 Ahead of US Retail Sales Figures
Oil prices rose slightly Monday in Asia, clawing back losses triggered by the International Energy Agency’s lower crude demand forecast as investors awaited U.S. retail sales figures.
Benchmark crude for September delivery was up 23 cents at $93.10 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 49 cents to end at $92.87 on Friday. Brent crude was up 74 cents at $113.68 on the ICE futures exchangein London.
Mark Pervan, senior commodity strategist at ANZ Bank in Melbourne, Australia said attention this week will focus partly on U.S. retail sales for July as an indicator of whether demand for crude could increase or slacken.