NEW YORK — Oil prices settled mixed on Monday as traders assessed risks from both the supply and the demand sides.
The West Texas Intermediate for December delivery added 9 cents, or 0.1 percent, to settle at 80.88 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 12 cents, or 0.15 percent, to close at 82.05 dollars a barrel on the London ICE Futures Exchange.
“Selling pressure is still being generated by the debate about the release of strategic oil reserves in the US,” Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.
Meanwhile, traders continued to digest the monthly oil report released by the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, in which the alliance revised its forecast for the growth in global oil demand this year down somewhat to 5.65 million barrels per day.
The group also predicted an oversupply on the oil market next year.
“The IEA (International Energy Agency) is likely to paint a similar picture in its monthly report this week, which could depress oil prices further,” said Fritsch.
For the week ending Friday, the U.S. crude benchmark dropped 0.6 percent while Brent slipped 0.7 percent, based on the front-month contracts.