Investing.com - Crude oil trended weaker in Asia on Monday ahead of closely-watched manufacturing data from the world's second largest importer.
On the New York Mercantile Exchange, crude oil for delivery in September fell 0.65% to $41.33 a barrel.
Australia said the AIG manufacturing index for July spiked to 56.4, compared with last month's figure at 51.8. Then comes HIA new home sales for June with the last figure down 4.4% month-on-month.
In China, the semi-official manufacturing PMI published by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing for July is expected to hit bang-on 50, the same as last month. The CFLP non-manufacturing PMI is also due, with last month's level at 53.7.
Later, the Caixin manufacturing PMI is due with a reading of 48.7 expected for July, which was up a tad from 48.6 the previous month.
In the coming week, the U.S. reports nonfarm payrolls data and ISM data on both manufacturing and service sector activity.
As well, the weekly U.S. stockpile data on Tuesday and Wednesday will be watched for fresh supply-and-demand signals.
Last week, oil futures ended Friday’s session slightly higher, rebounding from bear-market territory as investors went bargain-buying after prices fell to the lowest level in more than three months amid persistent concerns over a supply glut.
Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week increased by three to 374, the fifth straight weekly rise and the eighth increase in nine weeks.
According to the U.S. Energy Information Administration, gasoline inventories increased by 452,000 barrels last week. Despite being in the midst of the peak summer-driving season in the U.S., gasoline stocks are well above the upper limit of the average range, according to the EIA.
The report also showed that total crude oil inventories rose by a surprising 1.7 million barrels to 521.1 million barrels, which the EIA considered to be “historically high levels for this time of year”.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery tacked on 30 cents, or 0.69%, on Friday to settle at $43.53 a barrel by close of trade after dropping to an intraday low of $42.52, the weakest since April 18.