NEW YORK, May 11 (UPI) -- Crude oil markets held their breath in early Monday trading as markets waited for official word on midseason trajectory from members of OPEC.
Last week's price rally faltered by Friday, with the U.S. benchmark, West Texas Intermediate, losing about 2 percent of its value and Brent crude oil prices holding relatively stable near the $65 per barrel mark. Brent started Thursday around $67 per barrel.
The global benchmark Brent fell to around $64.87 per barrel in early Monday trading, a 2 percent drop since the beginning of May.
Signs of an improving global economy added support last week to crude oil prices, but official data showed a mixed employment climate. The U.S. Labor Department said the overall employment picture in the United States was the best it's been since the early stages of the global recession in 2008, though job losses continue to mount in the oil and gas sector.
Related
WTI prices were off slightly early in Monday trading, falling about 25 cents, or less than 1 percent, to $59.14 per barrel, relatively on par with the price at the start of May.
Steady production from Saudi Arabia and the United States is keeping markets weighed toward the supply side. A Monday report from The Wall Street Journal said the Organization of Petroleum Exporting Countries might consider a quota system that would allow weaker members to produce more oil.
OPEC releases its monthly market report for May on Tuesday. A sneak peek from the Journal said OPEC members expect crude oil prices to say below the $100 market through the middle of the next decade.
