WASHINGTON (dpa-AFX) - Crude oil futures were flat Monday, hovering near the $50 a barrel mark in relatively quiet trading.
Stocks jumped to fresh record highs, but crude oil failed to rally due to lingering concerns about the global supply glut.
U.S. refineries were offline earlier in September due to Hurricane Harvey. Demand for crude oil from refiners should start picking up, but early indications show U.S. oil stockpiles rose more than expected during this period.
WTI light sweet crude oil was down 2 cents at $49.91 a barrel.
Reflecting concerns about the recent hurricanes, the National Association of Home Builders released a report on Monday showing a bigger than expected drop in U.S. homebuilder confidence in the month of September.
The report said the NAHB/Wells Fargo Housing Market Index dropped to 64 in September from a downwardly revised 67 in August.
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