Light crude oil prices trading below $66 in Asia, Monday

Light crude oil prices were trading back below $66 a barrel Monday in Asia as regional stock markets sank and investors eyed a slew of economic data this week that will help shed light on the health of the US economy.

Benchmark crude futures for November delivery was down 46 cents at $65.56 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, the contract added 13 cents to settle at $66.02.

Asian stocks were weaker with Japan’s market hit by the yen reaching a 9 month high against the dollar and after Wall Street fell Friday on disappointing US economic data. Reports on manufacturing and home sales stoked concerns over recovery prospects in the world’s largest economy.

Crude oil prices are flirting with the bottom of a $65 to $75 trading range that has held for months as oil traders weigh signs of an improving global economy against evidence that consumer demand remains weak.

The most closely watched economic indicator will be the Labor Department’s monthly jobs report on Friday. Investors will also get reports on home prices, manufacturing, consumer confidence, construction spending and factory orders.

Tags:  Asia, light crude oil, trading