Conversely, many traders remain bearish over the short-term, betting on weakening seasonal trends. Money managers increased wagers on declines in oil prices to a record on increasing U.S. inventories and ahead of a seasonal refinery maintenance that will curb crude demand – futures have dipped in each of the past five Septembers, reports Mark Shenk for Bloomberg.
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“Currie’s remarks come on the heels of the latest Oil Market Report of the International Energy Agency, which warned that the growth in demand for crude will be slower than previously forecast this year. The IEA added that the supply will continue to be excessive through the end of the first half of 2017 at least,” adds OilPrice.com.
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United States Oil Fund
