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Builds On Gains

OIL

Oil is higher in Asia on Monday, building on Friday's gain. WTI is $0.32 up from settlement levels a $65.69/bbl, Brent is up $0.31 at $69.02/bbl. Markets digest data from China that showed while activity continues to expand, the pace slowed. Retail sales was the big miss at 17.7% compared to consensus 25%. Industrial output missed estimates at 9.8% Y/Y against 10.0% expected, while fixed asset investment was also narrow miss at 19.9% against 20% expected, while the jobless rate fell to 5.1%. Data showed that demand in India slowed as the nation battled the pandemic, road fuel sales dropped around 20% from the previous month data showed.

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