{"id":42236,"date":"2017-08-22T06:03:03","date_gmt":"2017-08-22T06:03:03","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=42236"},"modified":"2017-08-22T06:04:10","modified_gmt":"2017-08-22T06:04:10","slug":"oil-prices-fall-two-percent-after-end-of-week-rally","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/oil-prices-fall-two-percent-after-end-of-week-rally.html","title":{"rendered":"Oil prices fall two percent after end-of-week rally"},"content":{"rendered":"

Oil prices fall two percent after end-of-week rally<\/span><\/strong><\/span><\/h2>\n

Oil prices fall two percent after end-of-week rally: Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week’s rally built on signs the global market is starting to rebalance from chronic oversupply.<\/span><\/p>\n

Brent crude futures LCOc1 settled down 2 percent, or $1.06 at $51.66 a barrel, while U.S. West Texas Intermediate crude futures CLc1 ended down $1.14 a barrel, or 2.4 percent, at $47.37 a barrel ahead of the September contract’s expiration on Tuesday.<\/span><\/p>\n

Both contracts had risen 3 percent on Friday, and traders said the day’s action was marked by profit-taking.<\/span><\/p>\n

“Oil prices are experiencing some late summer chop with low trading volume and not much news. I think we are going to be stuck in a neutral for the next two weeks without big moves in either direction,” said Joe McMonigle, senior energy analyst at Hedgeye.<\/span><\/p>\n

U.S. hedge funds and money managers have reduced bets on rising prices in recent weeks, Commodity Futures Trading Commission data showed on Friday.<\/span><\/p>\n

U.S. oil prices have been on the upswing since bottoming out near $43 a barrel in mid-June, though the market has not been able to sustain a rally above $50. Despite the selloff, the market remains in its recent range, said Phil Flynn, analyst at Price Futures Group in Chicago.<\/span><\/p>\n

The world remains awash with oil despite a deal struck by some of the world’s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing.<\/span><\/p>\n

U.S. output may soon slow, as energy companies cut rigs drilling for oil for a second week in three, energy services firm Baker Hughes said on Friday. RIG-OL-USA-BHI<\/span><\/p>\n

Crude stockpiles are forecast to have declined by 3.4 million barrels for the week to Aug. 18, according to a Reuters survey, which would be the eighth straight week of declines.<\/span><\/p>\n

U.S. commercial crude inventories have fallen almost 13 percent from their March peaks to 466.5 million barrels. C-STK-T-EIA<\/span><\/p>\n

Source: https:\/\/www.reuters.com\/article\/us-global-oil-idUSKCN1B103R<\/span><\/p>\n

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