Oil Dips After Biggest Weekly Gain Since April Before China Data.

Oil prices slipped after experiencing their largest weekly gain since April, as traders awaited Chinese data that would provide insight into the economic strength of the world's top crude importer. Brent crude fell towards $82 a barrel after a 3.8% increase the previous week, marking the first weekly gain in four. China is set to release industrial output and crude refining figures for May, with expectations that oil refining will either remain flat or decrease this year for the first time in two decades, excluding the downturn in 2022 due to Covid-19. Concerns over robust supply and demand, particularly from China, have contributed to the downward trend in oil prices since April. However, analysts anticipate growth in the third quarter, which is typically the peak season globally and should drive oil processing and demand higher. [Extracted from the article]