Investing.com - London-traded Brent oil futures fell sharply on Monday, after disappointing German factory data fuelled concerns over a slowdown in demand from the euro zone’s largest economy.
On the ICE Futures Exchange in London, Brent oil futures for January delivery tumbled 1.3% during U.S. morning trade to trade at USD110.15 a barrel. Brent futures fell to a session low of USD109.93 a barrel earlier, the weakest level since December 2.
Data released earlier showed that German industrial production unexpectedly declined by 1.2% in October, missing expectations for a 0.8% rise.
Elsewhere, on the New York Mercantile Exchange, U.S. oil futures for delivery in January traded at USD97.51 a barrel, down 0.15%. New York-traded oil futures traded in a range between USD97.32 a barrel and USD97.96 a barrel.
The January contract rallied to USD98.07 a barrel on Friday, the highest since October 29, before settling at USD97.65 a barrel, up 0.28%.
Nymex oil futures were likely to find support at USD97.08 a barrel, the low from December 6 and resistance at USD98.51 a barrel, the high from October 29.
The spread between the Brent and U.S. crude contracts narrowed to USD12.52 a barrel.
Friday’s upbeat U.S. jobs data continued to support sentiment. The U.S. economy added 203,000 jobs in November, well above expectations for jobs growth of 180,000. The unemployment rate fell to a five-year low of 7.0%.
Meanwhile, in China, data released on Sunday showed that China’s trade surplus widened to USD33.8 billion last month from a surplus of USD31.1 billion in October, compared to estimates for a surplus of USD21.7 billion.
Chinese exports climbed 12.7% from a year earlier, beating expectations for a 7.1% increase and following a 5.6% gain in October. Imports rose 5.3%, compared to forecasts for a 7.2% increase.
The data showed that China imported 23.56 million metric tons of crude in November, or 5.73 million barrels a day, up 19.1% from October.
Market players now looked ahead to a raft of Chinese economic data later in the week, including reports on inflation, industrial production and retail sales.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
On the ICE Futures Exchange in London, Brent oil futures for January delivery tumbled 1.3% during U.S. morning trade to trade at USD110.15 a barrel. Brent futures fell to a session low of USD109.93 a barrel earlier, the weakest level since December 2.
Data released earlier showed that German industrial production unexpectedly declined by 1.2% in October, missing expectations for a 0.8% rise.
Elsewhere, on the New York Mercantile Exchange, U.S. oil futures for delivery in January traded at USD97.51 a barrel, down 0.15%. New York-traded oil futures traded in a range between USD97.32 a barrel and USD97.96 a barrel.
The January contract rallied to USD98.07 a barrel on Friday, the highest since October 29, before settling at USD97.65 a barrel, up 0.28%.
Nymex oil futures were likely to find support at USD97.08 a barrel, the low from December 6 and resistance at USD98.51 a barrel, the high from October 29.
The spread between the Brent and U.S. crude contracts narrowed to USD12.52 a barrel.
Friday’s upbeat U.S. jobs data continued to support sentiment. The U.S. economy added 203,000 jobs in November, well above expectations for jobs growth of 180,000. The unemployment rate fell to a five-year low of 7.0%.
Meanwhile, in China, data released on Sunday showed that China’s trade surplus widened to USD33.8 billion last month from a surplus of USD31.1 billion in October, compared to estimates for a surplus of USD21.7 billion.
Chinese exports climbed 12.7% from a year earlier, beating expectations for a 7.1% increase and following a 5.6% gain in October. Imports rose 5.3%, compared to forecasts for a 7.2% increase.
The data showed that China imported 23.56 million metric tons of crude in November, or 5.73 million barrels a day, up 19.1% from October.
Market players now looked ahead to a raft of Chinese economic data later in the week, including reports on inflation, industrial production and retail sales.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.