U.S. oil futures fell to the lowest levels of the session on Monday, after the release of tepid U.S. economic reports as trading volumes remained light ahead of the Christmas holiday.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD98.77 a barrel during U.S. morning trade, down 0.55%. New York-traded oil futures held in a range between USD98.70 a barrel and USD99.32 a barrel.
Nymex oil futures were likely to find support at USD97.76 a barrel, the low from December 19 and resistance at USD99.49 a barrel, the high from December 19 and a two-month peak.
The February contract settled 0.28% higher on Friday to end at USD99.32.
The University of Michigan''s said its index of overall consumer sentiment held at 82.5 this month, unchanged from an initial estimate. Analysts had expected the index to be revised up to 83.0.
The Michigan consumer sentiment index stood at 75.1 in November.
The report came after the Bureau of Economic Analysis said that U.S. personal spending rose 0.5% last month, matching expectations. Personal spending for October was revised up to a 0.4% gain from a previously reported increase of 0.3%.
The report also showed personal income rose 0.2% in November, missing expectations for a 0.5% increase, after falling by 0.1% in October.
The U.S. is the world’s largest oil consuming nation.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for February delivery shed 0.25% to trade at USD111.51 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD12.74 a barrel.
London-traded Brent prices hit a session high of USD111.92 a barrel earlier, the strongest level since December 6, amid ongoing concerns over a disruption to supplies from Libya.
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