Oil Slips Amid Technical Correction, Weaker Economic Data

Oil Slips Amid Technical Correction, Weaker Economic Data

Oil prices edged lower likely due to a technical correction and weaker global economic news, but are still supported by colder weather forecasts and concerns over Russian and Iranian supply.

Brent crude was down 0.4% to $75.96 a barrel, while WTI fell 0.5% to $73.16 a barrel. Both benchmarks settled lower on Monday, ending a five-session winning streak after orders for U.S. manufactured goods fell in November and German inflation rose further above the European Central Bank's target.

"The move higher in crude oil prices appears to be running out of momentum," ING analysts said in a note. "While there has been some tightening in the physical market, fundamentals through 2025 are still set to be comfortable, which should cap the upside."