Oil futures settled lower on Monday, after posting back-to-back weekly gains on rising hope for a so-called phase-one U.S.-China trade deal.
West Texas Intermediate crude for December delivery fell 67 cents, or 1.2%, to settle at $57.05 a barrel on the New York Mercantile Exchange, while January Brent crude lost 86 cents, or 1.4%, at $62.44 a barrel on ICE Futures Europe. Both crude benchmarks tallied gains in each of the last two weeks and their dollar and percentage losses Monday were the largest single-session declines since Nov. 6, according to Dow Jones Market Data.
Further headwinds come from last week’s Energy Information Administration inventory data, which revealed a “moderately stronger than expected build” for U.S. crude stocks for the week ended Nov. 8, along with preliminary production figures showing a climbed to a new all-time high at 12.8 million barrels a day, said Fraser, in a daily note. “That jump comes amid expectations of a prolonged slowdown in growth in the coming years, but that may not materialize until producers cross the 13 [million barrels a day] threshold.”
Source : Marketwatch