Oil futures resumed their decline on Monday, as market players continued to focus on a glut in global supplies.
On the New York Mercantile Exchange, crude oil for delivery in March shed 64 cents, or 1.29%, to trade at $48.50 a barrel during European morning hours.
Trade volumes were expected to remain light on Monday, with U.S. markets closed for a holiday.
On Friday, New York-traded oil futures surged $2.40, or 5.14%, to settle at $49.13 a barrel, as investors returned to the market to close out bets on lower prices.
WTI prices touched $44.20 on January 13, a level not seen since March 2009.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 47 cents, or 0.93%, to trade at $49.71 a barrel.
Read more Click Here / www.trade4x.net
On the New York Mercantile Exchange, crude oil for delivery in March shed 64 cents, or 1.29%, to trade at $48.50 a barrel during European morning hours.
Trade volumes were expected to remain light on Monday, with U.S. markets closed for a holiday.
On Friday, New York-traded oil futures surged $2.40, or 5.14%, to settle at $49.13 a barrel, as investors returned to the market to close out bets on lower prices.
WTI prices touched $44.20 on January 13, a level not seen since March 2009.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery declined 47 cents, or 0.93%, to trade at $49.71 a barrel.
Read more Click Here / www.trade4x.net
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