U.S. crude oil futures remained below the $100 a barrel mark on Monday, as the shocking arrest of the head of the International Monetary Fund raised concerns about plans to stave off Europe's deepening sovereign debt crisis.
Dominique Strauss-Kahn was due to participate in a crucial meeting of euro-zone finance ministers in Brussels today, but was arrested on sexual assault charges Sunday in New York.
U.S. light, sweet crude for June settled at $97.37, down $2.28 or 2.29 percent, having challenged $100 earlier in the day.
According to some analysts crude oil prices are expected to remain volatile through the early part of this week as investors react to a string of fears ranging from large dollar moves and euro-zone debt worries.
In economic news, the New York Federal Reserve's index of manufacturing conditions fell significantly more-than-expected in May, official data showed on Monday.
The New York Fed said that its general business conditions index tumbled to 11.9 in May, after climbing to 21.7 in April, missing economist's expectations of 19.6.
Following the release of the data the U.S. dollar was down against the euro, near $1.52.
Data on housing starts, building permits, existing home sales and weekly jobless claims will get traders attention this week as they provide clues to the strength of recovery of the world's largest economy.
Also weekly crude oil inventories data from the API, due out Tuesday after the market hours, and the EIA due out the subsequent day will be in focus.
For comments and feedback contact: editorial@rttnews.com
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.