By Biman Mukherji
--Brent oil futures slipped in Asian trading after initially holding on to Monday's fresh 3-year high at above $70/barrel.
--March Brent was recently down 0.4% at $69.98 a barrel. On the New York Mercantile Exchange, February light, sweet crude futures was 0.3% above Friday's settlement at $64.49 in the Globex trading session. There was a U.S. holiday on Monday.
--Oil has essentially been a one-way trade the past month, with front-month Brent futures up 16 of the last 19 trading days through Monday while WTI through Friday rose in 16 of the past 20. That makes the market ripe for a pullback, especially if the dollar stages more than a slight rebound.
Write to Biman Mukherji at [email protected]