Oil dips, copper slides to 8-wk low on China data

Oil prices slipped in Asian markets on Monday after a survey on Friday showed weaker US consumer demand and as May crude production rose in China, the world's biggest crude importer.

Copper, too, extended four weeks of declines after Chinese economic data highlighted persistent weak spots in the metal's biggest market.

Copper fell as much 1.1 per cent to $9,631 a ton on the London Metal Exchange, heading for its lowest close in two months. The world's second-biggest economy released figures on Monday that bolstered concerns over a disappointing demand recovery. While retail sales were stronger in May, growth in industrial output and fixed-asset investment slowed, and the housing slump deepened.

Copper has rapidly retreated due to worries about rising global inventories and signs of weakness in China. Metals also came under pressure last week as the Federal Reserve dialed back expectations for rate hikes. Prices traded 1.1 per cent lower at $9,639.50 a ton.

Global benchmark Brent crude futures for August delivery were down 40 cents, or 0.5 per cent, at $82.22 per barrel.