Oil prices were steady on Monday as investors eyed Chinese economic data for signs of demand recovery in the world’s second-largest oil consumer.
Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorized exports. Refiners are also ramping up gasoline output ahead of peak summer demand, while cutting diesel production amid worsening margins.
Meanwhile earnings from U.S. companies could also provide clues for the Federal Reserve’s policy path and the dollar’s trajectory, she added.
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