Crude oil futures edge lower in holiday-thinned trade

Investing.com - Crude oil futures edged lower in quiet trade on Monday, as investors digested a mixed batch of Chinese economic data.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD94.18 a barrel during U.S. morning trade, down 0.45%.

New York-traded oil futures held in a range between USD93.79 a barrel and USD94.38 a barrel.

The March contract rallied to USD95.07 a barrel on Friday, the highest since January 3, before trimming gains to settle at USD94.59 a barrel, up 0.52%.

Nymex oil futures were likely to find support at USD92.63 a barrel, the low from January 15 and resistance at USD95.07 a barrel, the high from January 17.

Trade was expected to remain subdued as floor trading on the Nymex was to remain closed for the Martin Luther King Jr. holiday.

Official data released earlier showed that China’s economy expanded at an annual rate of 7.7% in the fourth quarter, down from 7.8% in the three months to September.

A separate report showed that industrial production in China rose by an annualized rate of 9.7% in December, compared to expectations for a 9.8% increase, after a 10% gain in the previous month.

The Asian nation is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers reduced their bullish bets in oil futures in the week ending January 14.

Gross long oil positions fell by 7,066 contracts to 284,307, while gross short positions increased by 10,389 lots to 54,585. Net longs totaled 229,722 contracts, compared to 247,177 in the preceding week.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery fell 0.1% to trade at USD106.45 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD12.27 a barrel.

London-traded Brent prices have been under pressure in recent sessions as the prospect of a rise in Iranian and Libyan oil exports weighed.