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Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising US shale output suggested supplies would likely remain high. Brent crude futures, the international benchmark for oil prices, were at $51.92 per barrel at 6:52am GMT, down 18 cents, or 0.4%, from their last close. US West Texas Intermediate crude futures were at $48.70 a barrel, down 12 cents, or 0.3%.
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Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising US shale output suggested supplies would likely remain high. Brent crude futures, the international benchmark for oil prices, were at $51.92 per barrel at 6:52am GMT, down 18 cents, or 0.4%, from their last close. US West Texas Intermediate crude futures were at $48.70 a barrel, down 12 cents, or 0.3%.
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