Oil started the week in balance

Brent was trading around $85 after rising almost 6 percent last month, while US crude was below $82. Manufacturing in China contracted further in June, according to official data released on Sunday, clouding the outlook for crude demand from the world’s largest importer.

In France, Marine Le Pen’s National Rally dominated the first round of parliamentary elections, increasing political risk in the region. Israeli Prime Minister Binyamin Netanyahu said he was determined to fight until Hamas is eliminated. US President Joe Biden’s poor performance during the presidential debate increases calls for his resignation.

Crude oil continues its high course this year with the recent upward movement encouraged by OPEC’s announcement that its plans to revive production depend on market conditions.