Oil Action: Front-month WTI futures are down 1.7%
Oil Action: Front-month WTI futures are down 1.7% at $52.80, earlier printing a low at $52.51, which is the lowest level seen since last Thursday. This extends the correction from Friday's four-session high at $53.94. Data Friday showing a rise in the U.S. rig count, coupled with data showing further weakening in industrial profits in China, have weighed on crude prices today. Sentiment in global markets has shifted to a more wary footing ahead of U.S.-China trade talks this week and as the Brexit process draws closer to the point where the rubber hits the road. WTI benchmark crude prices have been holding a sideways path for a week now, between $54.48 and $51.80. Prices are currently showing a 16.2% year-to-date gain, and a 19.5% decline from year-ago levels.