The price of crude oil is still lackluster in early trade this week (07/25/2016), after ending the trading session Friday at the lowest position in more than two months. The anxiety of the market will be the continued global surplus was further improved after data showed the increase number of Baker Hughes drilling wells (oil rigs) in the US.
When this news was taken, WTI crude oil prices on the New York Mercantile Exchange are at a range of $ 44.17 a barrel, while the price of international benchmark Brent on London's ICE Futures Exchange moved about $ 45.70.
Last weekend, the pernyedia service company Baker Hughes petroleum field reported that jumlag well drilling for oil in the United States increased from 357 to 371. This is a consecutive increase in the last four weeks, and instantly update the speculation if the activity of the oil shale in the US was ready to rebound.
Meanwhile, Reuters reported that the weak demand for FUEL and high oil inventory resulted in a number of U.S. refineries start early intermingling gasolin for winter.
In line with the high supply of fuel amid the global economic slowdown, oil prices would remain depressed even also predicted in the short term. CFTC commitment of Traders preach the perpetrators in u.s. markets has reduced their bullish positions on oil futures and options of 294.8 k be 289.6 k within a week which ended on 19 July. It is the lowest amount of the net long position in four months.
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