Oil started the week on a balance

Oil was flat as investors weighed China’s economic outlook and geopolitical risks in Europe and the Middle East. Brent crude traded around $85 a barrel after rising almost 6% last month, while U.S. crude was below $82. Manufacturing in China contracted further in June, official data showed on Sunday, clouding the outlook for crude demand in the world’s largest importer. In France, Marine Le Pen’s national rally dominated the first round of parliamentary elections, adding to political risk in the region. Israeli Prime Minister Benjamin Netanyahu said he was determined to fight until Hamas was eliminated. U.S. President Joe Biden’s poor performance during the presidential debate is fueling calls for his resignation. Crude has remained higher this year, with the latest rally spurred by OPEC’s statement that plans to revive production depend on market conditions.