MW: Oil declines ahead of week's data deluge, weaker stocks
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures declined Monday as stocks opened weaker and investors waited to see whether key economic data this week would reaffirm their concerns about the pace of the economic recovery.
Oil prices also posted healthier looking gains in the previous week, adding nearly 2% in the five-day period.
Crude for October delivery retreated 73 cents, or 1%, to $74.41 a barrel on the New York Mercantile Exchange. Other energy products also retreated, with natural gas bucking the trend after closing Friday at an 11-month low.
The heavy calendar for macroeconomic reports includes employment figures, manufacturing, productivity, and factory orders, among others, coming up this week.
Meanwhile, reformulated gasoline for September delivery, the expiring contract, receded a penny, or 0.5%, to $1.94 a gallon.
Natural gas for October delivery added 8 cents, or 2.2%, to $3.79 per million British thermal units. Natural-gas futures lost nearly 11% last week.
