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Oil futures fell Monday, finding renewed pressure after data showed Japan unexpectedly fell back into recession in the third quarter, highlighting concerns about demand. West Texas intermediate futures for December delivery on Nymex fell 78 cents, or 1%, to $75.04 a barrel. January ICE Brent futures dropped 92 cents, or 1.2%, to 78.49 a barrel. Japan’s real gross domestic product shrank 1.6% on an annualized basis, government data showed, the second consecutive quarter of contraction. Economists surveyed by The Wall Street Journal had forecast growth of 2.25%. “That news along with fears that the EU will slap Russia with more sanctions is setting a weak tone for oil,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago, in a note. A return to colder weather in the U.S., however, should provide support for the market on breaks, Flynn said.
Meanwhile, on the supply side, traders are looking for any sign the Organization of the Petroleum Exporting Countries, or OPEC, will take steps at its Nov. 27 meeting to curb production, analysts said. Some analysts already are betting that OPEC may cut production, which was said to be responsible for some of oils move lower on Friday.
Nymex reformulated gasoline blendstock for December was down about 1% on Monday—the benchmark gasoline contract—was trading at $2.02 a gallon.