Oil came under pressure on Monday on signs a multi-week rally was encouraging a rejuvenation in already bloated U.S. shale supplies.
U.S. light crude closed down 14 cents, or 0.2 percent, at $59.25 a barrel. U.S. crude prices gained on a weekly basis for an eighth straight week last week while Brent had its first profit-taking in five weeks.
Meanwhile, Brent crude futures, the more globally referenced benchmark for oil, fell 40 cents to $65 a barrel. In a sign the market was responding to those gains, rigs for drilling oil in the voluminous Permian shale basin rose for the first time this year after months of cutbacks.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.