By Myra P. Saefong, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures edged up Monday after sustaining a hefty decline last week as traders fretted about demand prospects in the fallout from disappointing U.S. economic data while also considering renewed European debt concerns.
Crude for July delivery gained 9 cents to $71.60 a barrel on the Comex division of the New York Mercantile Exchange. The contract earlier fell to a low of $69.51, its first retreat below $70 on an intraday basis since May 25, according to FactSet Research.
July crude lost 4.1% Friday -- its largest single-day drop since Feb. 4 -- and ended down 3.3% for the week. See Friday's Futures Movers column.
For crude, it's the "same song, different dance," said Darin Newsom, senior analyst at Telvent DTN.
Against a U.S. economic backdrop that "remains gloomy," the Dow Jones Industrial Average can be expected to "trend lower over the third quarter," according to Newsom.
"This could hold seasonal demand in check, lower than normal," he said.
The Labor Department on Friday reported the nation's economy added 431,000 jobs in May, but Census hiring masked weakness in private-sector job additions. Economists had expected an increase of about half a million jobs on the month. Read more on the U.S. jobs report.
The poor economic news, coupled with new worries about Europe's debt and fiscal status, fueled uncertainty over what this would portend for energy demand.
News last week that China is going to start pulling from its stockpiles for a number of different commodities, including crude oil, may also cut into fresh oil demand, said Newsom.
