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Crude Oil Retreats After Monday’s Huge Rally

Summary:
Futures for crude oil retreated today after yesterday’s huge rally, which caused prices to surge 15% to levels not seen since May. That was the biggest surge in several decades. It was a result of news about an attack on two Saudi oil facilities. The attack crippled the country’s oil production, slashing output by about 50%. Newly appointed energy minister Abdulaziz bin Salman will hold a press conference later today. The CFTC Commitment of Traders report showed that hedge funds and money managers increased their net long positions on crude oil last week. Now, traders wait for a supply report from the American Petroleum Institute due for release later today as well as for tomorrow’s official data from the Energy Information Administration. But the data will likely be overshadowed

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Futures for crude oil retreated today after yesterday’s huge rally, which caused prices to surge 15% to levels not seen since May. That was the biggest surge in several decades. It was a result of news about an attack on two Saudi oil facilities. The attack crippled the country’s oil production, slashing output by about 50%. Newly appointed energy minister Abdulaziz bin Salman will hold a press conference later today.

The CFTC Commitment of Traders report showed that hedge funds and money managers increased their net long positions on crude oil last week.

Now, traders wait for a supply report from the American Petroleum Institute due for release later today as well as for tomorrow’s official data from the Energy Information Administration. But the data will likely be overshadowed by the monetary policy announcement from the Federal Reserve, which is expected to have a tremendous impact on various markets.

Futures for delivery of WTI crude oil in October slumped by 1.22% to $62.13 per barrel as of 8:42 GMT on NYMEX today. November Brent crude dropped by 0.42% to $68.73 per barrel on ICE.

If you have any questions and comments on commodities today, use the form below to reply.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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