FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File PhotoLONDON - Oil was steady on Monday after Chinese economic data underscoring a bumpy recovery for the world's biggest crude importer offset hopes for a boost to demand from the summer driving season in the northern hemisphere.
Global benchmark Brent crude futures were down 3 cents to $82.59 a barrel at 1038 GMT. U.S. West Texas Intermediate crude futures were down 13 cents to $78.32. "The move higher was not unreservedly convincing," said Tamas Varga of oil broker PVM of last week's gains."Further weakness is observed this morning due to sluggish Chinese factory activity."
Still, BofA analysts said in a report that while the market consensus is for higher oil prices in the third quarter, there is a risk to prices if weak supply and demand balances persist.
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