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Oil rebounds, with WTI ending under $107 after US data

An oil refinery in Pascagoula, Miss.
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An oil refinery in Pascagoula, Miss.

Crude oil pared early losses on Monday, with Brent flirting with $109 a barrel while U.S. oil ended the session under $107, as selling pressure eased after a report showed strong growth in the U.S. economy's service sector.

Brent and U.S. crude initially shed more than $1 earlier in the session, on news disappointing euro zone data showed an across-the-board drop in retail sales for the first time in three months. However, both contracts recouped losses after the U.S. data, and on news that production in Libya and the North Sea had rebounded.

Brent clawed back to near $109 after falling as low as $107.55, while West Texas Intermediate ended the session down 38 cents at $106.56.

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