U.S. energy companies reduced the number of oil rigs operating this week, leading to a record 11-month decline as producers follow through on plans to cut spending on new drilling.
Oil prices fell on Monday after strong gains last week, as data released in China reinforced signs that its economy is slowing, though progress in China-U.S. trade talks has supported prices.
Brent crude was down 23 cents, or 0.4%, at $61.79 a barrel by 1147 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20.
West Texas Intermediate (WTI) crude was down 23 cents, or 0.4%, at $56.43 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
Profits at Chinese industrial companies fell for the second straight month in September as producer prices continued to slide, highlighting the impact of a slowing economy and protracted U.S. trade war on corporate balance sheets.
Still, traders were optimistic after the U.S. Trade Representative’s office and China’s Commerce Ministry said on Friday that the two countries were “close to finalizing” some parts of a trade agreement.
“Looking further ahead, if trade talks continue to progress, and we see full agreement to phase 1 of the deal, this should help to improve sentiment further,” ING analyst Warren Patterson said.
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