Oil turns lower after impressive bounce last week

By FXStreet FXStreet (Córdoba) – Oil prices resumed the fall on Monday following an impressive rally last week, triggered by an unexpected drop in US inventories.

WTI futures rose nearly 10% last week and recovered from multi-year lows but upside momentum stalled on Monday amid concerns over global supply glut, which keep the benchmark down by more than 30% for the year.

US crude futures for delivery in February fell below $37.00 a barrel to a low of $36.66 a barrel. It was last down 3.6% at $36.86/bbl. Meanwhile, Brent futures also fell more than 3% to a low of $36.56 on Monday.
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Source:: FX Street