Crude drops on failed North Korean missile test

On Monday, crude sagged in quiet trading after the three-day Easter break, following signs that the United States keeps adding output, thus undermining OPEC efforts to back prices, and as the financial markets reacted to North Korea's failed missile launch on Sunday.

Benchmark Brent crude futures slumped 49 cents, being worth $55.40.

American West Texas Intermediate crude futures declined 47 cents, hitting $52.71 a barrel. On Thursday, they rallied 7 cents, being worth $53.18.

The previous week both benchmarks soared for a third consecutive week, with Brent inching up 1.2% for the four days before the Good Friday holiday and WTI gaining 1.8%.

This week the financial market was subdued to start with key trading center London unavailable for a holiday. Financial markets keep digesting geopolitical tensions over North Korea, after its recent attempted launch of a ballistic missile. The projectile exploded nearly immediately.

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