Crude-oil futures fell Monday, retracing all the gains made Friday, as weak Chinese data created concern about the country's oil demand.
April Brent crude on London's ICE Futures exchange fell 80 cents, or 0.7%, to $108.20 a barrel. Crude for April delivery on the Nymex exchange fell $1.21, or 1.2%, to $101.37 a barrel.
China's exports contracted unexpectedly by 18.1% on year in February after 10.6% growth in January--although some market participants attributed this to the Lunar New Year holidays.
The country's oil and oil-product imports also fell in February, by 13% on month to 6.03 million barrels a day, but were 7% higher on year. While crude-oil imports eased after hitting records in January, oil-product imports posted a much sharper drop because of softer demand.
Crude-oil imports in China, the world's second-largest oil consumer, are supported by the starting in January of two new refineries with a combined capacity of 440,000 barrels a day and by a 3.6% build in commercial crude inventories by end-January, Barclays analyst Sijin Cheng said in a note.
The Organization of the Petroleum Exporting Countries raised its oil production in February 240,000 barrels a day to 30.11 million barrels a day from a month earlier, with higher exports coming from Iraq, according to oil-pricing agency Platts.
"While Brent prices are expected to drift lower the pace is expected to slow given sizable buying interest as well as several geopolitical issues," Barclays analyst Miswin Mahesh said.
Ukraine crisis remains in focus, with Russian President Vladimir Putin backing Crimea's move to secede from Ukraine.
In Libya, government-backed forces threatened to bomb a North Korean-flagged oil tanker as separatists attempted to load the vessel, reports said.
Money managers, including hedge funds and other investors, extended their net-long positions in WTI crude by 7,415 contracts to 346,544 contracts in the week ended March 4, Commodity Futures Trading Commission data showed.
The IntercontinentalExchange Group Inc will publish its data for Brent later Monday.
Recently, ICE's gas oil for March changed hands down $3.75, at $908.75 a metric ton. Nymex gasoline for April delivery was down 273 points at $2.9465 a gallon.
