Investing.com - Crude oil futures moved higher on Monday, recovering from sharp losses in trading last week as investors turned their attention to the upcoming U.S. jobs report for December for indications on the demand outlook.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in February traded at USD94.51 a barrel, up 0.59%.
Last Thursday, crude futures tumbled 3% to settle at USD95.44 a barrel on the Nymex. It was the sharpest one-day decline since early November 2012. For the week, crude futures dropped 6%.
Oil prices were pressured lower by expectations for an increase in supply from Libya and concerns over a build-up in U.S. stockpiles.
Traders were continuing to digest last weekâs inventory data. The Energy Information Administration said Thursday that crude oil inventories fell by 7.01 million barrels in the week ending December 27, outstripping expectations for a decline of 2.98 million barrels.
Total motor gasoline inventories fell by 844,000 barrels compared to expectations for a gain of 1.93 million barrels.
However, the EIA said stocks on the Gulf coast remained well above levels of the past few years as rising output contributed to a build-up of domestic supplies.
Distillate fuel, which includes diesel and heating oil, rose by 5.04 million barrels, outstripping expectations for a gain of 1.23 million and overshadowing the sharp decline in oil inventories.
On the ICE Futures Exchange, Brent oil futures for delivery in February rose 0.90% to USD107.86 a barrel.
Elsewhere on the Nymex, natural gas for February delivery advanced 1.28% to USD4.359 per million British thermal units.
