LONDON (SHARECAST) - Crude oil futures slid under $75 a barrel on Monday as traders took profit ahead of the third quarter earnings season and after last week’s 5.5% gain.
Crude for August delivery fell $1.14 to $74.95 a barrel on the New York Mercantile Exchange.
Alcoa unofficially kicked off the US earnings season after the close Monday. The aluminium giant’s results beat analyst expectations with underlying profits of $137m in the three months ended 30 June.
Crude had bounced earlier in the session after encouraging trade surplus data from China published at the weekend. The data showed crude imports at a record high.
In an otherwise quiet start to the week, with US stocks providing little momentum, traders looked ahead to upcoming data later this week including US retail sales and industrial production to help shed light on the pace of the US economic recovery.
Gold futures also closed lower, losing its grip on $1,200, as traders locked in profit ahead of the US earnings season.
Comex gold for August delivery dropped $11.10 an ounce to settle at $1198.70.
Copper for September delivery fell 4 cents to $3 a pound.
