U.S. crude nudged higher on Monday following sharp losses on Friday when U.S. oil futures closed the week more than 2 per cent down after disappointing U.S. jobs data. Chinese trade data due out Monday could add to recent signs of weakness in the world’s second largest economy.
U.S. crude for October delivery climbed a cent higher to $93.30 a barrel by 0053 GMT after initially rising to $93.62 in early morning trade. The contract closed $1.16 down on Friday, the sixth week in seven that U.S. crude had fallen.
Brent crude fell 13 cents to $100.69 a barrel, after climbing to $101 a barrel in early trade. The contract fell $1.01 to settle at $100.82 a barrel on Friday. This was Brent’s third weekly drop in four weeks.
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