Oil futures edge lower in Asia on sluggish demand growth concerns

London (Quantum Commodity Intelligence) - Oil futures were little changed on pre-weekend levels in late afternoon Asian trading Monday, as the market waits for direction from this week's oil and economic data.

Brent futures for June crude were trading $63.05/b at 1630 Singapore (0830 GMT) versus Friday close of $62.95/b, while May WTI was at $59.35/b against Friday's settlement price of $59.32/b.

Key indicators to watch include Chinese crude import data, along with broader commodities data, while traders continue to look for key signs on the US demand recovery.

The dollar trending weaker has been a supporting factor for oil prices, but growing COVID-19 cases in parts of Asia, particularly India, have added to concerns over the pace of demand growth.

Meanwhile, OPEC will publish its latest demand forecast on Tuesday. In recent monthly reports OPEC has been revising downwards its 2021 demand growth-outlook, although more positive data in recent weeks from the US could leads to an upwards revision, say analysts.