Crude oil dipped on Friday, plumbing multi-month lows and heading for a sixth straight week of losses, as the approaching end of the U.S. summer driving season suggested a growing surplus in gasoline supply.
Oilfield services firm Baker Hughes' report that the U.S. oil rig count rose by six this week added to the bearish sentiment for crude as it signalled production could creep up from higher drilling activity. Drillers have added a total of 32 oil rigs over the past three weeks.
Traders and investors await Commodity Futures Trading Commission (CFTC) data at 3:30 p.m. EDT (1930 GMT) to determine if money managers again had slashed their bullish exposure to U.S. crude in the week to Aug 4. Hedge funds' net longs in U.S. crude fell to near five-year lows in the two previous weeks.
Click Here For Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance About KLSE online Feel Free To Mail Us at : info@epicresearch.my
Oilfield services firm Baker Hughes' report that the U.S. oil rig count rose by six this week added to the bearish sentiment for crude as it signalled production could creep up from higher drilling activity. Drillers have added a total of 32 oil rigs over the past three weeks.
Traders and investors await Commodity Futures Trading Commission (CFTC) data at 3:30 p.m. EDT (1930 GMT) to determine if money managers again had slashed their bullish exposure to U.S. crude in the week to Aug 4. Hedge funds' net longs in U.S. crude fell to near five-year lows in the two previous weeks.
Click Here For Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance About KLSE online Feel Free To Mail Us at : info@epicresearch.my
No comments:
Post a Comment