Oil prices turned lower in pre-holiday trading Monday, but retained support
from bullish US economic data that have raised hopes of resurgent demand in the
world's top crude consumer, analysts said.
New York's main contract, West Texas Intermediate for February delivery, was down 10 cents at $99.22 in afternoon trade while Brent North Sea crude for February also eased 10 cents to $111.67.
The US Commerce Department on Friday reported that economic growth accelerated to an annual rate of 4.1 percent in the third quarter, instead of the previously estimated 3.6 percent pace. Analysts had expected the revision to confirm the 3.6 percent number.
The upbeat data followed the Federal Reserve's announcement that it would cut its stimulus by $10 billion to $75 billion a month from January, indicating it is confident that economic conditions are improving.
Production in fledgling producer South Sudan has been hit by the escalation of internal strife in the country over the past week, with oil companies flying out their employees after the death of at least five South Sudanese oil workers last Wednesday.
New York's main contract, West Texas Intermediate for February delivery, was down 10 cents at $99.22 in afternoon trade while Brent North Sea crude for February also eased 10 cents to $111.67.
The US Commerce Department on Friday reported that economic growth accelerated to an annual rate of 4.1 percent in the third quarter, instead of the previously estimated 3.6 percent pace. Analysts had expected the revision to confirm the 3.6 percent number.
The upbeat data followed the Federal Reserve's announcement that it would cut its stimulus by $10 billion to $75 billion a month from January, indicating it is confident that economic conditions are improving.
Production in fledgling producer South Sudan has been hit by the escalation of internal strife in the country over the past week, with oil companies flying out their employees after the death of at least five South Sudanese oil workers last Wednesday.
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