|Published : 17 Apr 2017, 12:19:48|
Oil price falls after failed Korean missile test
Crude oil fell in quiet trading on Monday, after the three-day Easter break, as the market digested North Korea's failed missile launch on Sunday.
The oil price slipped on signs the United States is continuing to add output, undermining OPEC efforts to support prices.
Benchmark Brent crude futures LCOc1 were down 49 cents at $55.40 at 0310 GMT. On Thursday, before the break closed most major markets, they settled up 3 cents at $55.89 a barrel.
US West Texas Intermediate crude futures CLc1 were also down 47 cents at $52.71 a barrel. They rose 7 cents to $53.18 on Thursday.
Both benchmarks last week rose for a third consecutive week, with Brent adding 1.2 per cent over the four days before the Good Friday holiday and WTI up 1.8 per cent.
The market was subdued to start this week with major trading centre London closed for a holiday on Monday.
US crude oil production has climbed to 9.24 million barrels per day, according to the latest Energy Information Administration data. That makes the country the world's third-largest producer after Russia and Saudi Arabia.
While compliance has been strong among OPEC countries, production cuts have lagged among other producers including Russia, according to Reuters.