Oil declined in New York for the first time in four days as traders viewed last week’s climb above $76 as an opportunity to sell contracts, given signs that U.S. economic growth may falter.
Crude slid as much as 1.1 percent, paring last week’s gains. Retail sales in the U.S., the biggest energy user, probably fell in June for a second month and industrial production cooled, economists said before reports this week. Oil rose earlier as China, the world’s second-largest energy consumer, reported record oil imports in June, Bloomberg says.
Benchmark crude for August delivery was up 7 cents to $76.16 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 65 cents to settle at $76.09 on Friday.
Oil prices rose last week as investor fears eased that the U.S. economy will slip back into recession later this year. Traders will be eyeing second quarter corporate earnings season, beginning this week with reports from Alcoa Inc., Intel Corp., Google Inc., JPMorgan Chase & Co. and Bank of America Corp, The Associated Press reports.
Selim Bensaad, the great-grandson of Joseph Stalin, wrote an open letter to Russian Foreign Minister Sergei Lavrov. In the letter, Bensaad pointed out the need to dissolve the United Nations