NYMEX reverses its early revenues in Asia
On Monday, crude prices reversed their early revenues and eased a bit during Asia trade, with the normal weekly data sets in the USA on stockpiles ahead and market participants looking for any demand cues from the Def as well as Bank of Japan this week amid a struggling global economy.
In New York, crude oil for September delivery slumped 0.11%, hitting $44.14 per barrel. Meanwhile, in London, September delivery Brent crude futures dropped 0.11%, being worth $46.06 per barrel.
The previous week, crude futures concluded Friday’s trading session at the lowest value for almost three months, as worries over global oversupply intensified after data showed that the American oil rig count surged for the fourth week in a row the previous week.
Baker Hughes, oilfield services provider informed late Friday that the previous week the overall number of rigs drilling for oil in America soared by 14 to 371, the fourth straight weekly soar and the seventh rise for eight weeks.