LONDON—Crude-oil futures pulled back after rising for several days, as investors reassessed prospects for the U.S. economy and global demand for oil.
Ahead of the New York day, the front-month October contract on the New York Mercantile Exchange was down 42 cents, or 0.5%, at $86.85 a barrel. The front-month October Brent contract on London's ICE futures exchange was down two cents at $111.86 a barrel.
"Today is a bit of a reality check on how much higher is the market prepared to go," said Ole Hansen, manager of the futures and fixed income trading desk at Saxo Bank.
Prices found support in stronger-than-expected U.S. consumer spending reported Monday, but fresh economic data due later this week could revive recession talks and pressure oil prices, analysts said.
The consumer-spending report was among the factors that boosted risk appetite, and investors are "already confidently waiting for the nonfarm payrolls report, due to be released this Friday by the Labor Department," London Capital Group said in a note.
But the consumer spending numbers were from July, "before the U.S. debt limit debacle and U.S. debt downgrade started to shake market confidence and maybe also consumer confidence," SEB commodity strategist Filip Petersson said.
Among Tuesday's data are U.S. consumer confidence for August as well indicative U.S. oil inventories, from the American Petroleum Institute, an industry group.
