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.
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Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.