Energy stocks lower on ASX as investors weigh new China data
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The news: Energy majors lowered on the ASX as oil prices reversed on last week's gains following new economic data from the US and China.
The numbers: Global benchmark Brent crude futures were down 19 US cents, or 0.23%, at USD82.43 ($124.78) per barrel by 12:45pm AEST. US West Texas Intermediate crude futures were down 18 US cents, or 0.23%, at USD78.27 a barrel.
The declines followed gains of 3.8% last week, the highest weekly rise in percentage terms since April, Bloomberg reported.
In the local market, energy was the worst performing sector, losing 1.23%, with majors Santos (-1%), Woodside Energy (-0.8%), Beach Energy (-0.8%), Ampol (-0.5%), Karoon Energy (-0.5%) and Viva Energy (-0.5%) all down.
The latest economic data from China showed that the country's industrial expansion slowed in May, rising 5.6% from a year prior, but lower than April's increase of 6.7% and a median forecast of 6.2%.
Meanwhile, retail sales accelerated, up 3.7% and beat a consensus forecast of 3%.
The context: The slowing industrial expansion and increased retail spend could be a sign that deep imbalances in China's economic recovery might be easing, Bloomberg said.
Oil has trended lower since April due to robust supply and concerns over demand, particularly from China.
On Friday, a survey showed US consumer sentiment dropped to a seven-month low in June, pointing to weakening oil demand.
