The price of crude oil was moving lower Monday morning amid a steady US dollar. Also, downbeat macroeconomic data out of China weighed on trader sentiment.
Data showed that China's industrial production rose less than expected, while retail sales growth was in line with expectations, offering very little conviction in the strength of the recovery underway in the world's second largest economy.
Light Sweet Crude Oil (WTI) futures for June delivery, were down $0.93 to $95.11 a barrel. Last week, oil settled marginally higher on supply concerns with focus on developments in Syria after Israeli airstrikes last weekend heightened tensions in the Middle-East.
This morning, the U.S. dollar advanced toward a 5-week high versus the euro and hovering near its 3-week high against sterling. The buck was extending its 4-year high versus the yen, while trading around its 8-month high against the Swiss franc.
In economic news from the euro zone, retail sales in Switzerland declined in March, the latest figures published by the Federal Statistical Office showed. Retail sales, adjusted for working days, declined 0.9 percent year-on-year in March. In seasonally adjusted terms, retail sales fell 0.1 percent.
Traders will look to the retail sales data from the U.S. Commerce Department, due out at 8.30 a.m ET. Economists expect retail sales drop of 0.3 percent month-over-month, while sales, excluding autos, may have edged down 0.1 percent.
During this week, traders focus will be on the results of the manufacturing surveys by the New York Federal Reserve and the Philadelphia Federal Reserve for May, the Federal Reserve's industrial production report for April, the National Association of Home Builders' housing market index for May and the Commerce Department's housing starts report for April.
Also, focus will be on the crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.