iea and opec will release their monthly oil reports later this week oil futures finished lower on monday easing back after recording their largest weekly gain in three months on friday as traders awaited monthly reports on us and global crude supply and demand due out later this week oil prices fell on monday after scoring a second weekly gain in a row on friday and their best best weekly rise since april having come off the back of two weeks of gains the same old concerns over weaker demand are serving to help cap gains said michael hewson chief market analyst at cmc markets uk in market commentary on monday oil supply cuts by the organization of the petroleum exporting countries continue to support prices said naeem aslam chief investment officer at zaye capital markets those including saudi arabias decision to extend its production cut through august at the same time traders are keeping a close eye on the chinese economic data and praying that demand will revive to a level that will give a boost to oil prices aslam said in a market update on monday official data from china showed that the nations factorygate price index tumbled further into deflation in june and its consumer prices were flat on year so far it is very clear that there are more sellers in the oil market who find every opportunity to sell oil whenever they see that weaker fundamentals are emerging and to counterbalance that opec is left with no other choice but to cut oil supply more aslam said oil prices this week are more likely to consolidate while investors hope to see a lower reading on the us cpi data which would help americans turbocharge economic activity he said see the us economic calendar among the oilrelated reports this week the energy information administration will release its monthly shortterm energy outlook on tuesday while separate monthly oil reports from the international energy agency and opec are set for release on thursday this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal