MTECHTIPS:- Oil futures decline after last week’s historic rally
MTECHTIPS:- Oil futures decline after last week’s historic
Crude oil futures declined on Monday, as traders cashed out of the market after prices scored their biggest two-day percentage gain since 2009 last week. On the ICE Futures Exchange in London, Brent oil for October delivery slumped $1.07, or 2.15%, to trade at $48.98 a barrel during European morning hours. Brent futures rallied to $50.98 on Friday, the strongest level since August 11, before closing at $50.05, up $2.49, or 5.24% for the day. On Thursday, Brent rallied $4.42, or 10.25%, to end at $47.56, bouncing off six-year lows of $42.23 hit earlier in the week. London-traded Brent futures jumped $4.70, or 10.1%, last week, the first weekly gain in nine weeks, as traders returned to the market to close out bets on lower prices, a move known as short-covering. Elsewhere, crude oil for delivery in October on the New York Mercantile Exchange declined 75 cents, or 1.67%, to trade at $44.47 a barrel. On Friday, Nymex oil prices jumped to $45.90, the most since August 11, before ending at $45.22, up $2.66, or 6.25%. On Thursday, futures soared $3.96, or 10.26%, to settle at $42.56. New York-traded oil futures sank to $37.75 earlier in the week, a level not seen since February 2009. For the week, New York-traded oil futures rallied $4.92, or 11.79%, snapping a ten-week losing streak. That was the largest weekly percentage gain since March 2009. Crude oil prices have been under heavy selling pressure in recent months, as ongoing concerns over a glut in world markets drove down prices.