(MENAFN- AFP) Brent oil prices slumped on Monday following news of weaker German industrial output, while New York crude futures held steady.
New York's main contract, West Texas Intermediate (WTI) for delivery in January, edged up eight cents to $97.73 a barrel.
Brent North Sea crude for January, the European benchmark, slid $1.78 to stand at $109.83 a barrel in late London trade.
"Brent has slipped below the $110 level as profit-taking from last week's rally coupled with weakening European demand has weighed on prices," said David Madden, market analyst at IG traders.
The German economic engine, one of the key drivers of recovery in the 17-country eurozone, appears to be stalling, with industrial output declining and exports nearly grinding to a halt, data showed on Monday.
Crude futures had pushed higher on Friday after a solid US jobs report for November signalled unexpected strength in the world's biggest economy and consumer of oil.
"Market participants have been encouraged by the recent string of positive economic data, but caution still prevails as further releases outlining a sustained improvement in the global economic outlook would pave the way for the possibility of QE tapering in the coming months, decreasing the appetite for risk assets," said Kash Kamal, research analyst at Sucden brokers.
The US unemployment rate fell sharply to 7.0 percent from 7.3 percent in October, and the number of jobs generated last month, 203,000, was well above expectations.
The upbeat data increased the chances that the Federal Reserve would begin to wind down its stimulus programme, known as QE, sooner rather than later.
Fears of a reduction in the Fed's $85 billion a month bond-buying scheme -- which has been credited with fuelling an equities rally in world markets -- pushed down stocks last week.
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