Oil prices fell Monday after weaker-than-expected manufacturing data from China intensified concerns about the global economy. Benchmark oil for October delivery was down 16 cents at $96.31 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.85 to finish at $96.47 per barrel Friday in New York.
Oil starts the week lower as markets focus on U.S. drilling activity | SapForex24: Oil prices declined during European morning hours on Monday, as prospects of rising U.S. production weighed on the market. Crude oil for March delivery on the New York Mercantile Exchange shed 26 cents, or around 0.5%, to $52.96 a barrel by 3:50AM ET (08:50GMT).
Crude futures surged by more than 9% on Friday to bounce from near 12-year lows, as speculative traders departed from their bearish positions amid market-moving comments from the head of Saudi Arabia's state-owned oil company that global oil prices may have hit a bottom.