Oil dipped on speculation traders took profits after crude surged by the most in almost seven weeks on Friday as improved U.S. and Chinese economic data aided the demand outlook.
Futures fell 0.6% in New York after jumping 3.7% in the previous session, the most since the September attacks on Saudi Arabia’s oil facilities. Chinese manufacturing orders rose at the quickest pace in more than six years and U.S. hiring was unexpectedly resilient. Saudi Aramco, the world’s biggest oil company, announced its intention to list on Sunday, more than three years after Crown Prince Mohammed bin Salman first raised the idea.
West Texas Intermediate for December delivery dropped 33 cents to $55.87 a barrel on the New York Mercantile Exchange as of 12:47 p.m. in Singapore. The contract jumped $2.02 to close at $56.20 on Friday, falling 0.8% for the week.
Brent for January settlement lost 34 cents, or 0.6%, to $61.35 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $5.40 premium to WTI for the same month.
Source : Bloomberg