Crude oil futures fell slightly Monday as investors worried about the slow pace of economic recovery and the U.S. oil market is oversupplied. New York Mercantile Exchange light sweet crude oil for July settled at 71.44 U.S. dollars a barrel, down 7 cents, down 0.1%. ICE Brent crude futures closed at 72.12 U.S. dollars a barrel, up 3 cents, or 0.1%.

Crude oil futures continued to follow the recent pattern of stock and foreign exchange volatility, as investors look forward to steady the global economy shows signs of recovery. Mixed U.S. data and the weak performance of European economies, investors have reason to suspect that the demand for petroleum products may not increase as fast as originally anticipated. However, so far this year, moderate growth in U.S. demand and the rapidly expanding Chinese demand, oil prices fell below this factor prevents the level of 70 dollars per barrel.

Traders said the wait and see attitude is likely to continue.

Analyst at IAF Advisors in Houston, said Kyle Cooper, I think the decline in oil prices and some concerns in view of the overall economy due to global. You will see the crude oil market continues to follow the situation in the stock market and currency fluctuations.

On oil prices, the stock and currency markets throughout the trading day mixed signals point. Four-year U.S. dollar against the euro once reached high point (ie the euro / dollar hit a four-year low of 1.1876 U.S. dollars), but then go soft, the recent fall to 1 euro 1.1941 U.S. dollars. For investors who use other currencies, the dollar strength means that the price of crude oil futures more expensive. The Dow Jones industrial average index is down 0.8%, to 9853 points.

Last weekend a substantial decline in crude oil futures prices, data showed the U.S. private sector employment rate of unemployment lead to poor overall selling. Friday crude oil prices did not recover most of the losses due to buying by the global economic recovery remains sluggish concerns constraints. Oil prices in last night’s low at 69.51 U.S. dollars a barrel, the July crude oil futures contract settlement price since Thursday since prices fell nearly 7%.

Crude oil market, the next major concern is the Energy Information Administration data released on Wednesday U.S. crude oil inventory data. Dow Jones Newswires survey of analysts expected, as of June 4 the week down 100 million barrels of crude oil inventories.If Wednesday’s inventory data report showed crude oil inventories fell, then it is in January will mark the first time since crude oil inventories declined for two consecutive weeks. U.S. crude oil inventories remain well above the five-year average inventory level, and the New York Mercantile Exchange crude oil futures contract delivery point Cushing, Oklahoma, crude oil inventories slightly below the record high levels.

Analysts expect gasoline inventories to increase by 200,000 barrels, distillate stocks to increase by 300,000 barrels. Energy Security Analysis of the oil market, said Rick Mueller in charge of the Department decline in stocks is bound to ease the excess supply will be of great significance, and to promote higher oil prices significantly.Mueller said the stock is too high. Cushing tank inventory data is really critical.

Front-month July RBOB gasoline futures contract settled down 0.04 cents to 1.9949 U.S. dollars per gallon. July heating oil futures contract settled up 1.06 cents to 1.9683 U.S. dollars per gallon, or 0.5%.

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