Oil prices ease back after surge

Oil prices retreated Monday as traders took profits following a pre-weekend surge on positive jobs data from the United States, the world's biggest consumer of crude. Brent North Sea crude for delivery in September dropped 36 cents to $108.58 a barrel in London afternoon deals. New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, fell 30 cents to $91.10. "Mild profit-taking is being seen, with Brent and WTI easing back from Friday's highs," said Sucden Financial Research analyst Jack Pollard. A rally on Friday saw WTI prices surge more than four dollars to pass $91 a barrel, while Brent rose more than three dollars to within striking distance of $109. Crude prices were weaker "after rallying on a stronger-than-expected US jobs report, while the market awaited Chinese trade data due later this week for trading cues," Phillip Futures said in a report. On traders' watchlist for this week is the release of a slew of economic data from China which will provide an update on the economic health of the world's largest energy consumer.