NEW YORK, N.Y. – Oil stalled Monday, after last week’s four per cent gain, as traders await the latest readings on oil supplies and updated forecasts for demand.

U.S. benchmark oil for July delivery fell 12 cents to US$95.91 per barrel in midday trading on the New York Mercantile Exchange. Oil rose $4.06, or 4.4 per cent, last week and closed at $96.03 a barrel on Friday.

The latest U.S. employment report Friday showed the economy added 175,000 jobs in May — a steady pace that shows the recovery continues, but also indicates the Federal Reserve will not end its monetary stimulus just yet.

The market won’t get another significant reading on the U.S. economy until Thursday, when retail sales for May are announced.

Before that, traders will see updated forecasts on global oil demand from OPEC, the U.S. Energy Department and the International Energy Agency, an umbrella group for the world’s oil consuming countries.

The U.S. Energy Department also on Wednesday issues its weekly report on oil and fuel supplies, as well as demand for gasoline in the U.S. Last week’s report of a bigger than expected drop in oil supplies helped boost oil prices.

Brent crude, a benchmark for many international oil varieties, fell 40 cents to $104.16 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell one cent to $2.86 a gallon.

— Heating oil fell less than 0.1 cent to $2.89 per gallon.

— Natural gas rose two cents to $3.85 per 1,000 cubic feet.

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