Oil prices were down slightly on Monday as traders start to position ahead of economic growth data from the eurozone due out this week.On London’s ICE Futures, trading in the global crude benchmark Brent LCOV5, +0.88% was down 0.55% at $49.06 a barrel for cargoes loading in October. Trade in WTI CLV5, -2.93% was also extremely slow, with prices down 0.5% at $45.56 a barrel on the New York Mercantile Exchange.
Traders said volumes were subdued, with the U.S. market closed for the Labor Day holiday.
European nations are expected to report their second-quarter growth numbers later this week, and disappointing data could depress the oil market, traders said. Singapore-based Phillip Futures believes the Brent and WTI prices to $46.81 and $43.53 respectively by Friday.
Meanwhile, Barclays became the latest bank to lower its oil-price estimates, citing continued oversupply and weak Chinese economic data. The bank now expects Brent crude to average $52 a barrel for the second half of 2015, a cut of $11 from its previous forecast, and $63 a barrel in 2016, a reduction of $5.
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