West Texas Intermediate futures rose 0.5 percent, following a 1.7 percent increase last week, when they hit a three-year high. Rigs drilling for crude fell by five to 742 in the seven days ended Jan. 5, according to Baker Hughes data Friday. Hedge funds retreated from the most bullish stance on WTI in 10 months during the week ended Jan. 2. “A drop in active oil rigs is usually bullish for oil prices,” said Michael Poulsen, an analyst at Global Risk Management Ltd. Oil had its strongest opening week for any year since 2013 as U.S. stockpiles continue to shrink. Click Read More below for additional information.
National Average Price for Regular Unleaded Current: $2.585; Month Ago: $2.590; Year Ago: $2.249. National Average Price for Diesel Current: $3.010; Month Ago: $3.007; Year Ago: $2.980.
As of 4:12 AM EDT on Monday, West Texas Intermediate (WTI) Crude oil front month futures were trading down 0.69% at $44.32 per barrel. Brent crude oil front month futures had it worse as of then, with the benchmark for global crude prices trading down 1.54% at $47.40 per barrel. Speculations of a lower demand primarily gained momentum after Macquarie's statements today. The investment bank said that the slowdown in global auto sales in August, falling by 1%, points toward a lower demand for the commodity.
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