Oil prices fell by about 0.6%, due to concerns about weakening demand in China (the largest importer of oil) and the approaching end of the peak driving season in the United States.
The latest data from the General Administration of Customs showed that exports of diesel fuel and gasoline from China fell sharply last month - by 35.7% per annum, as refiners lowered crude runs and held back from shipments due to weakening profit margins. Gasoline exports stood at 790,000 metric tons, or 5.77 million barrels per day. China exported 1.22 million tons of gasoline in July last year and 930,000 tons in June.
Meanwhile, the negative dynamics of the US currency provided some support for oil. The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) fell by 0.30% to 102.16.
Market participants are also preparing for another ceasefire talks in the Middle East, which may reduce risks to supplies. U.S. Secretary of State Antony Blinken arrived in Tel Aviv on Sunday on another Middle East tour to push for a cease-fire in Gaza, but Hamas raised doubts about the mission by accusing Israel of undermining his efforts.