(MENAFN- FxPro) Crude oil prices eased in Asia on Monday and markets thin with a holiday ahead in the U.S. and Canada.
On the New York Mercantile Exchange, crude oil for delivery in October fell 0.73% at $45.72 a barrel.
Chinese stock markets were closed on Thursday and Friday for the World War Two Victory Day parade and will reopen Monday, while U.S. markets will be closed on Monday for the Labor Day holiday.
Last week, crude oil futures fell on Friday, as worries over the health of the global economy added to the concerns that a global supply glut may stick around for longer than anticipated.
On the ICE Futures Exchange in London, Brent for October delivery tumbled $1.07, or 2.11%, to close at $49.61 a barrel. For the week, London-traded Brent futures lost 44 cents, or 0.88%, amid fears of a China-led global economic slowdown.
Industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. decreased by 13 last week to 662, the first weekly decline in seven weeks.
Meanwhile, data in the U.S. on Friday showed that the economy added fewer jobs that expected last month, despite a decline in the unemployment rate.
The Labor Department reported that the U.S. economy added 173,000 jobs in August, below forecasts for an increase of 220,000 and slowing from gains of 245,000 a month earlier.
However, the unemployment rate dropped from 5.3% to 5.1%, better than expectations for 5.2% and the lowest since April 2008.
The jobs report failed to provide much clarity on when the Federal Reserve will decide to raise short term interest rates.
China's slowing economy and global market volatility have created fresh uncertainty over whether the U.S. central bank will start hiking interest rates later this month.
The turmoil in markets began when China unexpectedly devalued the yuan on August 11, sparking fears that the economy may be slowing at a faster than expected rate.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Crude oil prices have been under heavy selling pressure in recent months, as ongoing concerns over a glut in world markets drove down prices.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
In the week ahead, investors will be looking ahead to Friday's U.S. reports on producer prices and consumer sentiment for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.
Markets will also be watching a raft of Chinese economic data, including a report on the trade balance as well as data on consumer price inflation.
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