Underwhelming U.S. economic data about durable goods from last month and concerns about Middle East supply lines prompted West Texas Intermediate crude oil futures to hover on Monday, according to Bloomberg.
Goods earmarked to survive at minimum 36 months slipped 7.3 percent, representing its largest fall since August of last year, according to the U.S. Department of Commerce. Inspectors from the United Nations were en route to the capital of Syria to probe whether President Bashar Al-Assad deployed chemical weaponry on his own people.
"The durable goods number is disappointing," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut, told the news source on Monday. "It's a surprise for the market. There is a lot of geopolitical risk being priced into the market."
At 9:24 a.m. on Monday, WTI crude oil futures fell 0.24 percent, a 26-cent loss to $106.16 per barrel. At 9:23 a.m., Brent crude oil futures dropped 0.31 percent, a 34-cent slide to $110.70 per barrel.
Reuters reports production of the energy commodity in Mexico fell to 2.482 million barrels per day last month, representing the nation's smallest monthly production in almost 18 years.
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