Crude oil futures retreated after early gains and settled lower on Monday amid a bit of uncertainty about outlook for energy demand due to continued rise in coronavirus cases.
Investors were also weighing the likely impact of OPEC-led production cuts on crude prices, and this presumably helped limit oil's downside. Data showing continued expansion in China's manufacturing activity, and a surge in Japanese industrial production helped as well.
Still, the likelihood of a drop in crude imports by China due to the fairly huge stockpiles in the country prevented traders from creating any significant long positions in the contract.
West Texas Intermediate Crude oil futures for October ended down $0.36 or about 0.8% at $42.61 a barrel.
WTI futures had a fairly good month, with the contract gaining 5.8% in August, extending gains for a fourth successive month.
Brent crude futures were down marginally at $45.79 a barrel.
According to reports, Abu Dhabi National Oil Company has stated that it will reducer supplies by about 30% in October, up from a 5% cut in September, in order to meet its commitment on the recent OPEC+ agreement.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2162961/
No comments:
Post a Comment