Oil slips as concerns over economic data offset trade deal optimism - Reuters:
Oil prices eased on Monday as traders took profit ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand.
Prices jumped about $2 a barrel on Friday after the world’s top two economies said they had made progress on trade talks while U.S. officials said the deal could be signed this month.
Brent crude futures for January LCOc1 fell 16 cents to $61.53 a barrel by 0727 GMT, while December U.S. crude futures CLc1 was at $56.04 a barrel, down 16 cents.
“Friday’s mega-rally was built on a combination of not-as-bad-as-feared data and optimism on a trade deal that really, only keeps the lights on. It does not increase the brightness of the world economy,” Jeffrey Halley, a Singapore-based senior market analyst for Asia Pacific at OANDA, wrote in a note.
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