Brent oil edged lower as trading started in Asia, struggling to hold on to a bounce at the end of the worst week since October.
Futures in London slipped 0.5% on Monday after jumping 2% on Friday. Despite the gain in the previous session, crude still capped a significant weekly loss amid a combination of factors including a softening physical oil market, U.S. dollar strength and the unwinding of long positions. Concerns about near-term demand and the uneven recovery from the pandemic also continue to linger.
Saudi Arabia, meanwhile, saw another assault on its energy facilities. While the offensive by Iran-backed Houthi rebels on an Aramco refinery on Friday had no impact on oil supplies, it’s the latest in a series of attacks on the kingdom.
- Brent for May settlement fell 29 cents to $64.24 a barrel on the ICE Futures Europe exchange at 6:44 a.m. Singapore time after slumping 6.8% last week.
- West Texas Intermediate for April delivery, which expires Monday, lost 0.6% to $61.05 on the New York Mercantile Exchange after adding 2.4% in the previous session.
- The more-active May contract slid 0.5% to $61.14.
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