Oil futures fell on Monday after recording their largest weekly gain in three months on Friday, as traders await key supply data due out later this week.
Price action
-
West Texas Intermediate crude for August delivery
CL00,
-0.81% CLQ24,
-0.06%
shed 48 cents, or 0.6%, to trade at $73.37 a barrel on the New York Mercantile Exchange. -
September Brent crude
BRN00,
-0.79% BRNU23,
-0.79%
the global benchmark, shed 43 cents, or 0.6%, to $78.04 per ounce on ICE Futures Europe. -
August gasoline
RBQ23,
-0.59%
fell 0.6% to $2.574 a gallon, while August heating oil
HOQ23,
-0.57%
fell 0.6% at $2.545 a gallon. -
August natural gas
NGQ23,
+3.25%
rose 3.3% to $2.667 per million British thermal units.
Market drivers
Oil prices retreated on Monday after seeing their best weekly gain since April while rising for a second week in a row.
Traders were looking ahead to supply data and economic data that could impact prices this week.
“The oil market had a strong end to the week following the extension of Saudi voluntary cuts earlier in the week. For this week, markets will be focused on US CPI data on Wednesday, whilst specifically for the oil market, we have the IEA and OPEC oil market reports released later in the week,” a team of analysts at ING said.
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