Oil falls on weak Chinese data, forecasts for U.S. crude stocks build - Reuters

Oil falls on weak Chinese data, forecasts for U.S. crude stocks build - Reuters:

Oil prices fell on Monday after four days of gains as expectations U.S. crude stockpiles will rise and worries about weak Chinese industrial data offset hopes oil demand will increase if talks progress on a Sino-American trade deal.

Brent futures fell 45 cents, or 0.7%, to $61.57 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 85 cents, or 1.5%, to $55.81.

Earlier in the session, Brent and WTI both climbed to their highest levels in a month, hitting $62.34 and $56.92, respectively.

“The energy complex came out of the gate underperforming our expectations as it appears that another significant build in Cushing supply could be forthcoming,” Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, said in a report.