Oil Updates – prices slip on weaker US consumer demand, rise in China output

NEW DELHI: Oil prices slipped in Asian trading on Monday after a survey on Friday showed weaker US consumer demand and as May crude production rose in China, the world’s biggest crude importer, according to Reuters.

Global benchmark Brent crude futures for August delivery were down 40 cents, or 0.5 percent, at $82.22 per barrel at 9:31 a.m. Saudi time. US West Texas Intermediate crude futures for July delivery fell 36 cents to $78.09 a barrel.

The more-active August delivery WTI contract slipped 0.5 percent to $77.7 per barrel.