Oil Looks Vulnerable Ahead of Major Economic Releases
Sep, 08th 03:10
Oil prices were down slightly on Monday as traders start to position ahead of economic growth data from the eurozone due out this week.
On London’s ICE Futures, trading in the global crude benchmark Brent was down 0.55% at $49.06 a barrel for cargoes loading in October. Trade in WTI was also extremely slow, with prices down 0.5% at $45.56 a barrel on the New York Mercantile Exchange.
Traders said volumes were subdued, with the U.S. market closed for the Labor Day holiday.
European nations are expected to report their second-quarter growth numbers later this week, and disappointing data could depress the oil market, traders said. Singapore-based Phillip Futures believes the Brent and WTI prices to $46.81 and $43.53 respectively by Friday.
Increasing supply from members of the Organization of the Petroleum Exporting Countries, especially from Iran, further dampens any bullish sentiment.