Oil falls on worries over economic data that outweighs optimism over a trade deal
Economy News - Baghdad
NEW YORK (Reuters) - Oil prices fell on Monday as dealers sold for profit ahead of fresh European and US economic data, despite hopes for a solution to a trade dispute between the United States and China that has hurt global economic growth and reduced energy demand.
Prices rose about $ 2 a barrel on Friday after the world's two largest economies said they had made progress in trade talks, while US officials said an agreement could be signed this month.
Brent crude for January delivery fell 16 cents to $ 61.53 a barrel by 0727 GMT, while US crude futures for December delivery also fell 16 cents to $ 56.04 a barrel.
The European Union and the United States are due to release industrial data on Monday, with more US and Chinese data due later in the week.
The decline in the number of US oil rigs operating for the second week in a row and an upbeat report on US jobs supported oil prices last week. Independent producers are cutting spending after a record output weighed on energy price expectations.
US crude prices were also supported by the shutdown of the Keystone pipeline, which transports heavy Canadian crude to the United States.