Crude oil prices were lower Monday morning, extending losses from late last week despite further stimulus measures from China.
China cut interest rates for the third time since late last year, hoping to revive what was the world’s fastest growing economy.
Light sweet crude oil for June was down 38 cents at $59.05 a barrel, down from multi-month highs near $61 last week.
Still, prices have surged from 6-year lows near $44 earlier in 2015.
Tensions in the Middle East continued to put a floor under oil prices, but a staggering build in global inventories, particularly in the U.S., have kept prices in check.
A strong U.S. jobs report Friday failed to help oil prices.
Consumer and manufacturing readings take the center stage in the unfolding week, as traders keep a close eye on each incoming economic evidences.
The Commerce Department’s retail sales report for April, the weekly jobless claims report and the results of the University of Michigan’s consumer sentiment index for May are on tap.
The material has been provided by InstaForex Company – www.instaforex.com