Oil stalled today, after last week's 4 per cent gain, as traders await the latest readings on oil supplies and updated forecasts for demand.
US benchmark oil for July delivery fell 12 cents to USD 95.91 per barrel in midday trading on the New York Mercantile Exchange. Oil rose USD 4.06, or 4.4 per cent, last week and closed at USD 96.03 a barrel on Friday.
The latest US employment report Friday showed the economy added 175,000 jobs in May, a steady pace that shows the recovery continues, but also indicates the Federal Reserve will not end its monetary stimulus just yet.
The market won't get another significant reading on the US economy until Thursday, when retail sales for May are announced.
Before that, traders will see updated forecasts on global oil demand from OPEC, the US Energy Department and the International Energy Agency, an umbrella group for the world's oil consuming nations.
The Energy Department also on Wednesday issues its weekly report on oil and fuel supplies, as well as demand for gasoline in the US Last week's report of a bigger than expected drop in oil supplies helped boost oil prices.
Brent crude, a benchmark for many international oil varieties, fell 40 cents to USD 104.16 a barrel on the ICE Futures exchange in London.
