.png)
SINGAPORE (Reuters) – Oil prices eased on Monday as traders remained cautious ahead of fresh European and U.S. economic data, despite hopes for some resolution to the U.S.-China trade row that has hurt global economic growth and crimped energy demand. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France September 17, 2019. REUTERS/Christian Hartmann Prices jumped more than 3% on Friday after the world’s two largest economies said they had made progress on trade talks while U.S. officials said the deal could be signed this month. Brent crude futures for January LCOc1 fell 26 cents to $55.94 a barrel by 0125 GMT while December U.S. crude futures CLc1 was at $61.42 a barrel, down 27 cents. Traders may be taking profits on oil ahead of uncertainty around macro-economic data and U.S. oil inventory reports, Stephen Innes, Asia Pacific market strategist at AxiTrader said. “I think the trade talk continues to improve sentiment but … Asian oil traders want more convincing data from the macros side” before supporting oil, he said. The European Union and the United States are set to announce manufacturing data on Monday. Still, a fall in the U.S. rig count for […]
