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Crude Oil Rally Again Fizzles

Crude oil futures were lower Monday despite better-than-expected Chinese economic data.

May WTI oil fell 53 cents, or 1%, to settle at $52.65/bbl, the lowest in a week.

Oil prices rallied earlier this month, but again leveled off near $53 a barrel due to a stubborn global supply glut made worse by robust U.S. production.

Traders were paying attention to numerous geopolitical flashpoints, including the U.S.-North Korea saber-rattling kerfuffle.

Baker Hughes said on Thursday drillers added 11 oil rigs in the week to April 13, bringing the count up to 683, highest in about two years.

Chinese GDP rose 6.9 percent, amid gains in housing, infrastructure investment, exports and retail sales. That's withing the government's target range of 6.5 percent to 7 percent growth in 2017.

The New York Fed said its general business conditions index tumbled to 5.2 in April after dipping to 16.4 in March, although a positive reading still indicates growth. Economists had expected the index to edge down to 15.0.

The bigger than expected drop by the headline index came amid a notable slowdown in new orders growth, as the new orders index plunged to 7.0 in April after jumping to a multi-year high of 21.3 in March.

by RTT Staff Writer

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