Oil dips after weekly gain

NEW YORK: Oil slips after its biggest weekly advance since early April as traders weigh a raft of data from China that shows slow industrial expansion, while retail sales beat forecasts.Brent traded above US$82 a barrel after climbing 3.8% last week, the first weekly gain in four.

West Texas Intermediate was near US$78.

Industrial output and fixed-asset investment posted slower growth, and oil refining fell to the lowest rate this year after more plants shut for maintenance.The spending numbers offered some encouragement after households were reluctant to spend, despite government stimulus measures. — Bloomberg

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Oil , petroleum , Brent , WTI , crude , Opec


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