Oil Drifts Below $75 As Dollar Gain Overshadows Chinese Data

Oil prices slid Monday as a firm dollar offset data indicating robust Chinese demand for the commodity.

Caution prevailed in the market ahead of the start of the US quarterly earnings season.

August crude oil settled down $1.14 at $74.95 a barrel on the New York Mercantile Exchange.

Oil futures posted moderate gains early in the day after official data released on Saturday showed Chinese exports grew nearly 44% year-on-year in June, and the nation imported a record 22 million metric tons of crude oil in the month.

Oil prices rose 5.5% last week, helped by a bigger-than-expected weekly drop in US crude stockpiles and slightly eased worries about the economic outlook.

With no major economic data from the US, oil futures derived direction from the greenback. The dollar edged higher against its European counterpart for a second session, extending its recovery from an eight-week low. (Provided by RTTNews)