Oil futures lost ground early Monday, giving back a small piece of strong gains last week that sent crude to a nearly one-month high.
West Texas Intermediate crude for December delivery was off 19 cents, or 0.3%, at $56.47 a barrel on the New York Mercantile Exchange. December Brent crude the global benchmark, fell 20 cents, or 0.3%, to $61.53 a barrel.
WTI on Friday ended at the highest level for a front-month contract since Sept. 24, scoring a 5.2% weekly rise, according to Dow Jones Market Data. Brent crude saw a 4.4% weekly advance to close Friday at its highest since Sept. 26.
Gains last week were driven in large part by supply concerns, particularly a large drop in U.S. and oil product inventories. On Friday, data from oil-field services firm Baker Hughs showed the number of active U.S. drilling rigs fell by 17 last week to 696—the lowest tally since April 2017.
Source : Marketwatch