Oil markets: Global economy in focus
Brent crude prices slid on Monday due to concerns over demand, followed by weaker growth in major economies, while US oil markets held down after US drilling activity fell to its lowest level in about two months.
International Brent Crude Oil Futures were $ 60.16 per barrel at 0248 GMT, down 12 cents, or 0.2 percent, from their last closing.
U.S .. Raw West Texas Intermediate (WTI) futures were $ 51.33 per barrel, up 13 cents, or 0.3 percent.
China's oil refinery flow in November fell from October, indicating a relief in oil demand, while the country's industrial output increased for at least three years as the economy continued to lose momentum.
French business went unexpectedly into contraction This month retired at the fastest pace for over four years, while Germany's private sector's expansion delayed a four-year low in December.
But oil prices were supported after General Electric Cos Baker Hughes's energy service company said on Friday that US drilling machines cut four oil giants in the week to December 1[ads1]4th and pulled overall to lowest since mid-October in 873. [19659003] "This, in combination with (expectations) Saudi Arabia is … cutting exports to the US to pull down inventories (there) should provide a short-term base despite global downturn, which continues to resonate, "said Stephen Innes, head of trade for Asia Pacific on futures brokerage Oanda in Singapore.
However, the current US government bill, which serves as an early indicator of future production, is higher than a year since 747 rigs were active.
The organization for the petroleum exporting countries and its Russian-led Allies have agreed to reduce production from January, in a move to be considered at a April meeting. Saudi Arabia is OPEC's de facto leader.
"The potential for a significant US dollar movement clearly has an impact on oil prices with the Fed meeting (this week). We are looking beyond the oil markets for the next major move," said Michael McCarthy, Marketing Manager at CMC Markets.
The US Federal Open Market Committee (FOMC) is set to launch a two-day meeting on Tuesday.
