Crude falls on profit taking, though U.S. data support

Crude falls on profit taking, though U.S. data support

Investing.com - Investing.com - Crude futures fell on Monday after investors sold the commodity for profits, though robust U.S. housing data cushioned losses somewhat.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.15 a barrel during U.S. trading, down 0.64%. New York-traded oil futures hit a session low of $105.93 a barrel and a high of $107.37 a barrel.

The August contract settled up 0.74% at $106.83 a barrel on Friday.

Nymex oil futures were likely to find support at $105.11 a barrel, Thursday's low, and resistance at $107.37 a barrel, the session high.

Investors locked in gains stemming from the fears that the Iraqi insurgency will disrupt supply and sold for profits, as the violence still remains far away from the country's main oilfields in the south.

Iraq produced approximately 3.5 million barrels a day of oil last month, making it OPEC's second-biggest oil producer behind Saudi Arabia.

Still, oil saw some support on the heels of upbeat U.S. housing-sector data.

The National Association of Realtors reported earlier that existing home sales hit 4.89 million in May, up 4.9% from April's revised 4.66 million rate and above market calls for 4.73 million units.

Elsewhere, Markit Economic reported that U.S. manufacturing PMI rose to 57.5 in June from 56.4 in May, beating market calls for a 56.1 reading.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for August delivery were down 0.59% and trading at US$114.14 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.99 a barrel.

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