FX.co ★ Oil Edges Lower As Chinese Imports Lag Behind

Oil prices edged lower on Monday to hover near multi-month lows after the latest data showed Chinese imports grew at a weaker-than-expected rate in July, highlighting weak domestic demand.

However, exports grew 18 percent in July, sending trade surplus to a record high and easing concerns over waning global demand.

Benchmark Brent crude futures fell 0.6 percent to $94.31 a barrel, while WTI crude futures were down 0.7 percent at $88.42.

Investors fretted about the outlook for fuel demand after data from China, the world's top crude importer, showed weak demand in July.

China imported 8.79 million barrels per day of crude in July, up from a four-year low in June, but still 9.5 percent lower than a year ago, customs data showed.

U.S. crude futures slumped around 10 percent last week and the Brent contract plunged nearly 14 percent on concerns about demand due to economic slowdown.