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Oil futures slipped Monday, easing after a strong run of gains.
-
The front-month West Texas intermediate contract
CL00,
-0.32%
fell 50 cents, or 0.6%, to $87.01 per barrel. -
Brent crude
BRN00,
-0.08%
fell 28 cents, or 0.2%, to $90.44. -
Gasoline for October delivery
RB00,
+0.58%
was steady at $2.65 per gallon.
The lead oil contract rose over 2% last week, and has jumped close to 10% over the last two weeks, as Saudi Arabia announced it would extend a production cut of 1 million barrels a day through the end of the year, while Russia said it would also extend supply cuts.
Monthly oil reports are due this week, on Tuesday from the Organization of Petroleum Exporting Countries, and on Wednesday from the International Energy Agency.
U.S. inflation data due Wednesday has the potential to up-end a number of asset classes.
