Crude hovers at 2-month minimum
During early Asian trade on Tuesday, crude oil prices pared their losses, while still keeping to their two-month minimum as a pick up in American crude drilling activities as well as supply growth elsewhere firmed up the view that a rebalance in the crude market will take longer than supposed.
In New York, August delivery sweet, light crude futures lost $0.09, trading at $44.72. September delivery Brent crude futures stood flat at $46.25 per barrel.
Notwithstanding, the minor revenues, both grades were last down more than 3% from the previous week.
Crude prices kept going down as market participants were still concerned regarding surging exploration activity in the USA would impact the US crude output.
On Friday, news from industry group Baker Hughes demonstrated that the number of rigs digging for oil in America surged again by 10 to a total of approximately 351. In fact, drilling level is considered to be a true indication of future crude output.