Crude Oil Inches Lower As Rally Fizzles

Crude oil futures were lower Monday amid delayed reaction to data showing the U.S. oil rig count rose again last week.

Traders expected the rig count to drop, but U.S. drillers added a few rigs to maintain robust production, Baker Hughes said Friday evening.

With the global oil supply glut seen lasting into 2018, crude oil has failed to crack the $50 a barrel mark in months.

August WTI oil lost 52 cents, or 1.1%, to settle at $46.02/bbl. Prices jumped 5% last week, moving away from yearly lows.

Activity in the New York manufacturing sector grew at a notably slower pace in the month of July, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index dropped to 9.8 in July from ‘19.8 in June, although a positive reading still indicates growth. Economists had expected the index to fall to 15.0.

Eurozone inflation slowed to a 6-month low in June as estimated, final data from Eurostat showed Monday.

Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30.

The material has been provided by InstaForex Company – www.instaforex.com

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