Oil prices fell on Monday as a rebound in Libyan oil output weighed against upbeat economic data from Asia that pointed to strong energy demand from the region.
Benchmark Brent futures for June delivery lost 41 cents, or 0.8 percent, to settle at $53.12 a barrel. That, however, was up 29 cents from Friday’s close when May was still the front-month, making it the highest close for the contract in nearly four weeks.
U.S. West Texas Intermediate (WTI) crude, meanwhile, declined 36 cents, or 0.7 percent to settle at $50.24 per barrel.
USD/JPY – Japanese Yen Shrugs Mixed Tankan Indices
Gold Steady as ISM Manufacturing PMI Meets Expectations
West Texas Crude Hugging $50 at Start of Week
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Craig Erlam
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