image credit: Pexels

Oil struggles to build on last week’s gains

November 18, 2019


Oil futures edged lower in quiet trade Monday, as bulls struggle to build on gains seen last week on rising optimism over prospects for a so-called phase one U.S.-China trade deal.

West Texas Intermediate crude for December delivery CLZ19, -0.83% fell 9 cents, or 0.2%, to $57.63 a barrel on the New York Mercantile Exchange, while January Brent crude BRNF20, -1.03% was off 16 cents, or 0.3%, at $63.14 a barrel.

WTI crude hit an eight-week high above $58 a barrel in earlier action, but pulled back after clashes between students and police in Hong Kong intensified, analysts said.

Read More on Market Watch