Oil up again
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Oil prices climbed on Monday, adding to Friday's powerful rally, but gains were capped by an estimate of another strong weekly build in US crude stocks, traders said.
A US refinery strike, which theoretically meant higher crude supplies in the market, and disappointing US consumer spending and manufacturing data also pared Monday's early gains.
Benchmark Brent crude was up 70 cents at $53.69 a barrel by 11:30 am EST (1630 GMT), after swinging in a wide band of between $55.62 and $51.41.
US crude was up 43 cents at $48.67 a barrel after hitting an intraday high of $50.56 and session low of $46.67.
The spread between Brent and US crude widened to above $5 a barrel, its biggest since November.
A US refinery strike, which theoretically meant higher crude supplies in the market, and disappointing US consumer spending and manufacturing data also pared Monday's early gains.
Benchmark Brent crude was up 70 cents at $53.69 a barrel by 11:30 am EST (1630 GMT), after swinging in a wide band of between $55.62 and $51.41.
US crude was up 43 cents at $48.67 a barrel after hitting an intraday high of $50.56 and session low of $46.67.
The spread between Brent and US crude widened to above $5 a barrel, its biggest since November.
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First Published: Feb 03 2015 | 12:08 AM IST