Crude oil prices see some profit taking as US, European data approach

 

Asia on Monday, was greeted with crude oil prices slip back possibly with investors taking some cash off the table ahead of important US and European data.

Prices gained as the preceding week bowed out, boosted by a much stronger-than-expected US jobs report on Friday. There was also a degree of optimism that US-China trade talks may yet end in a near-term agreement.

However, with European manufacturing Purchasing Managers Index numbers coming up on Monday, along with other key indicators such as US durable goods and factory orders, investors may have cashed out some of their recent gains.

Saudi Aramco confirmed its Initial Public Offering on Sunday but offered little more information about numbers of shares on offer, likely pricing or timing.

Gold prices drifted lower with risk appetite broadly more supportive of risker assets. Major Asia-Pacific stock markets were higher across the board on those same trade hopes, although the session lacked its common bellwether Japan. Tokyo markets were closed for holiday.

Near-term market focus here may rest on incoming European Central Bank President Christine Lagarde. She will give her first speech in the role later Monday, with markets expecting the dovish tone of her predecessor Mario Draghi to endure.

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