Oil prices slipped further in early Monday trading, as declines in stock markets and increased U.S. drilling continue to knock months of bullish sentiment for crude.
Brent crude, the global benchmark, was down 0.7percent, at $68.13 a barrel, on London’s Intercontinental Exchange. On the New York Mercantile Exchange, West Texas Intermediate futures, the U.S. benchmark for the price of oil, were trading down by 0.2percent at $65.30 a barrel.
Crude oil prices dropped into negative territory in last Friday trading following solid gains backed by emerging bullish sentiments about the market so far, after initially jumping by as much as 2 percent during the Thursday session on emerging confidence building.
The price for Brent crude oil was down last Friday by 1.3 percent as of 9:16 a.m EST to $68.72 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 0.7 percent to $65.33 per barrel.
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