Oil prices fell on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally.
U.S. West Texas Intermediate (WTI) crude futures were trading at $41.59 per barrel at 0340 GMT, down 34 cents, or 0.81 %, from their last close. International Brent crude futures were trading at $43.89 per barrel, down 40 cents, or 0.90 %.
Traders said oil markets came under renewed pressure from overproduction in crude and refined products that has left onshore storage tanks filled to the rims and triggered the chartering of tankers to store unsold fuel.Visit Us www.ripplesadvisoryx.com/freetrial.php or Get Free Trials Just Give One Missed Call @98-27-80-80-90.
“Oil prices rallied (Wednesday and Thursday) despite little fundamental data. However, with CFTC data showing investors increased their shorts positions the most ever for the week ending 26 July, this suggests a short covering rally,” ANZ bank said on Friday.
In oil market news, Yahoo’s standalone messenger software, the main tool used by traders to communicate since the late 1990s, is due to shut down on Friday, leaving market participants with a fragmented choice of alternatives, including Eikon Messenger, ICE Instant Messaging, Symphony, Bloomberg Messenger, Twitter and WhatsApp.