Oil market diverges ahead of busy week

Global oil prices diverged Monday as traders awaited this week's key global economic data and an upcoming speech from US Federal Reserve boss Janet Yellen.

Brent North Sea for delivery in August rose 34 cents to stand at $107 a barrel in London early afternoon deals.

US benchmark West Texas Intermediate for August fell 38 cents to $100.45 per barrel compared with Friday's close.

Investors were also looking out for a slew of economic indicators due to be released this week, starting with inflation data from Europe and US retail sales on Tuesday.

China, the world's second biggest economy and the largest consumer of energy, will release GDP and industrial production figures on Wednesday.

"The focus may turn to demand side of things as we have important data coming up, especially from China where the second-quarter GDP estimate and the latest industrial production number could help provide some clues about consumption," said Forex.com analyst Fawad Razaqzada.

Also on Wednesday, Fed chief Yellen will conclude a testimony before the US Congress.

Yellen's remarks and corporate earnings reports in the United States will be monitored for hints on the health of the world's biggest economy and top oil consuming nation.

"Trading activity is expected to remain relatively subdued throughout today's session in the run-up to Yellen's testimony before the Senate committee on banking, housing and urban development tomorrow, which could provide some insight into policymakers' thought processes," said Sucden analyst Kash Kamal.

Crude futures had fallen heavily last week, stoked by the prospect of a revival in Libyan supplies.

Libya's interim Prime Minister Abdullah Al-Thani declared earlier this month that authorities had regained control of two export terminals blockaded by rebels demanding autonomy in the country's eastern region.

The ports at Ras Lanuf and Al-Sidra could add about 500,000 barrels of crude per day to global energy markets, analysts say.

Output in Sharara, the site of Libya's largest oil field, is reaching its maximum production capacity of 340,000 barrels, just days after it reopened following a deal between rebels and the government.