Crude oil prices flat to start Monday, after rough overnight patch

April 17 (UPI) -- Crude oil prices were pulling close to even in early trading Monday, following weakness overnight sparked by lingering U.S. energy sector gains.

Trading is muted Monday as some markets remain idled because of the Easter holiday. U.S. markets were closed Friday, but ended the trading week on a down note after oilfield services company Baker Hughes reported steady gains in exploration and production activity in North America.

Reported as rig counts, the figures from Baker Hughes show investors may be responding to improved market conditions by spending more on exploration and production. There's a long lag time between when rig counts would translate to actual production, though U.S. output is already above 9 million barrels per day.

Crude oil prices were down nearly a full percentage point in overnight trading, but pulled back close to even after China report strong growth figures. The price for Brent crude oil was down 0.13 percent about a half hour before the start of trading in New York to $55.82 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 0.2 percent to $53.07 per barrel.

China reported Monday that first quarter growth was 6.9 percent, beating the full-year target for 6.5 percent. A spokesperson for the National Bureau of Statistics said the Chinese "economy has continued with stable and sound momentum."

Chinese growth comes as investors keep close tabs on supply and demand levels. Higher-than-expected growth from the world's No. 2 economy, behind the United States, could tighten markets, especially as China said its own domestic crude oil production was 6.8 percent lower than during the first quarter of 2016.

Lingering global tensions could add more support to strength in crude oil prices Monday. Though offering diplomacy as a way to resolve lingering challenges on the Korean Peninsula, U.S. Vice President Mike Pence said Monday "all options" are on the table for dealing with North Korea.

The reclusive regime in Pyongyang failed to display successful missile capabilities during national celebrations during the weekend.