The energy commodity fell from its top close in about 42 days after Exxon Mobil Corp.'s Pegasus pipeline was shuttered on March 29, which boosts the likelihood of inventories growing. The losses were augmented after the Institute for Supply Management said the U.S. manufacturing index dropped more last month than forecast.
"Inventories are going to grow because they can't continue to push oil through to the refineries," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut, told the news source on Monday. "We have to see how long it will remain offline."
At 10:24 a.m. on Monday, WTI crude oil futures fell 1.08 percent, a $1.10 loss to $96.18 per barrel. At 10:20 a.m., Brent crude oil futures fell 0.15 percent, an 8-cent loss to $109.78 per barrel.
The Wall Street Journal reports the energy commodity, which increased 5.2 percent during the past five trading sessions, is likely to be impacted by economic data about manufacturing in the U.S. in March that will be released on Monday.
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