Oil Prices Tumble

Oil Prices Tumble

Oil prices fell in Asia on Monday as traders took profits, snapping gains last week that saw the biggest two-day rally in six years.
Brent crude futures for October delivery slipped more than $1, or 2%, before recovering, although that still put the benchmark on track for its fourth straight monthly decline, having risen in only two of the past 14 months, Reuters reported.
“There is definitely a lot of profit-taking going on,” said Daniel Ang, an analyst at Singapore’s Phillip Futures.
“There is some readjustment in the positions taken by traders.”
The fall came after Brent climbed 10 percent last week, while US crude finished the week up 12%.
Brent fell  to $49.29 per barrel at 0500 GMT after rising $2.49, or 5%, in the previous session. It fell more than $1 to $48.95 earlier in the session.
US crude for October delivery fell 63 cents to $44.59 per barrel after settling up $2.66, or 6.3%, in the previous session.
“Mixed signals by US financial policymakers last week on whether the US Federal Reserve would raise interest rates next month was weighing on sentiment,” Ang said.
Some Fed policymakers left the door open to a September interest rate hike at an annual central bankers’ meeting on Friday in comments that appeared to contradict those by the New York Fed president earlier in the week who said a rate increase seemed “less compelling”.
The comment came after turmoil in global markets in recent weeks following China’s currency devaluation and concerns over its slowing economy.


Short URL : https://goo.gl/ibQQGS
  1. https://goo.gl/RNNQ4a
  • https://goo.gl/Z1mCfy
  • https://goo.gl/MxOoUw
  • https://goo.gl/cjtqML
  • https://goo.gl/Snlk4k

You can also read ...

Oil Majors to Gain Clarity on Anti-Russia Sanctions
The Italian oil major Eni will discuss sanctions against...
Russia, Ukraine to Discuss Latest Gas Dispute
Ukraine’s state-held gas company Naftogaz and Russia’s gas...
Pasargad Energy Development Company will be commissioned to drill 126 wells in Jofeir and Sepehr fields.
In line with policies to help expand domestic companies' scope...
The California state court is seen as more favorable to the cities and counties.
California cities and counties seeking to hold five of the...
Brent, WTI Crude Futures Hit Highest in Two Weeks
Oil prices jumped on Friday, with Brent crude futures hitting...
Iraq Seeks Investors to Build Refinery
Iraq is inviting companies to bid for building a 70,000-bpd...
Gasoline Production Hits Record
Iran's gasoline production has hit a record with 77.4 million...
No Plan to Increase Oil Production in Next 12 Months
Iran does not intend to increase crude output in the next...