Investing.com - NYMEX crude oil futures fell during Asian trading hours on Monday on growing concerns over the economic outlook in emerging markets and the impact on future oil demand prospects.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March fell 0.32% to USD97.21 a barrel during Asian trade on Monday.
During the previous session, NYMEX oil prices hit a low of USD97.22 a barrel and a high of USD97.51 a barrel. It closed as USD97.48 a barrel.
U.S. oil futures were likely to find support at USD96.32 a barrel, the low from January 29 and resistance at USD98.59 a barrel, the high from January 30.
During the last week, U.S. crude futures, also known as West Texas Intermediate or WTI, climbed 0.87%, the third consecutive weekly gain.
Emerging markets have been hard hit by a combination of concerns over the impact of cuts to the Federal Reserve’s stimulus program and fears over a possible slowdown in China.
Oil prices were also weighed by a broadly stronger U.S. dollar, as dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.
The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, rose 0.02% to 81.38 on Monday.
Ahead in the week, investors will be keenly anticipating Friday’s U.S. nonfarm payrolls report for January after December’s report showed that the economy added far fewer jobs than expected.
Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in oil futures in the week ending January 28.
Gross long oil positions rose by 11,966 contracts to 306,886, while gross short positions fell by 17,814 lots to 46,604. Net longs totaled 260,282 contracts, compared to 230,503 in the preceding week.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery fell 0.21% on Monday to USD106.14 a barrel.