NEW YORK (Dow Jones)--Crude futures turned lower Monday, giving back some gains from Friday's rally as investors grow wary of pushing crude toward the top of its recent trading range. Light, sweet crude for November delivery recently traded 60 cents, or 0.8%, lower at $75.89 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 84 cents lower at $78.06 a barrel. Oil prices finished last week at the highest level since Sept. 13, with rosier views on the global economy offering hope for increasing oil demand. After last week's rally, however, traders are locking in some profits as they await data on economic growth, auto sales and manufacturing, as well as the weekly report on oil inventories, all due later this week. "It's a case of waiting to see what's going to happen," said Matt Smith, an analyst with Summit Energy. He pointed to manufacturing data from the Institute for Supply Management and a report on domestic auto sales, both Friday, as important markers for the oil market. Crude futures remain stuck in a tight trading range between roughly $70 to $80 a barrel, with worries about a continued supply glut weighed against the prospect of an improving economy spurring oil demand. Rising stock markets, comments from the Federal Reserve suggesting it will support the economy and weakening in the U.S. dollar have helped buoy oil futures. But U.S. commercial stockpiles of oil and fuel products remain near 27-year highs, and few see the potential for a significant draw in those stocks anytime soon. "Oil is one market that has not wanted to participate in this weakened-dollar, Federal Reserve-inspired rally, and the reason is clear: We have a glut of oil," said Phil Flynn, an analyst with PFG Best. Analysts said the inventory situation continues to take a back seat to demand concerns. The focus is on other financial markets and broad economic data, which are seen as indicative of future oil use. A rally in equity markets Friday provided a boost to crude prices, and the dollar's slight weakness against the euro last week helped to raise prices as well. A weaker dollar makes oil cheaper for buyers in other currencies. Still, rallies toward the high end of the recent trading range have pushed investors to sell gains in order to lock in profits. On Friday, the Commodity Futures Trading Commission said money managers, a category that includes hedge funds, cut their net long position in Nymex crude-oil futures by 15% in the week ended Sept 21. The change came in the week immediately following crude's run above $77 a barrel. "Expect this 'range-bound' $70-$80 situation to continue for the rest of the year, unless a fundamental or technical situation of significant import arises," said Mike Fitzpatrick, an analyst with MF Global. Front-month October reformulated gasoline blendstock, or RBOB, recently traded 2.01 cents, or 1%, lower at $1.9270 a gallon. October heating oil recently traded 3.02 cents lower at $2.1004 a gallon. -By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155; jerry.dicolo@dowjones.com.

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