"Markets continue to remain wary of Chinese oil demand after June data came in weaker-than-expected," analysts at consultancy firm FGE said.
Still, the outlook for Chinese crude oil imports is brightening, FGE analysts noted, citing an increase in strategic purchases and a recovery in refining rates in the country.
"Events from the past week have effectively torpedoed the ongoing Israel-Hamas ceasefire talks and brought the prospect of region-wide conflict closer," FGE said.