Crude Oil FUTURE PRICE FELL MIDDAY Monday August 21
Crude Oil FUTURE PRICE decreased 0.97 USD/BBL or 2.01% to 47.65 on Monday August 21 from 48.53 in the previous trading session. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
Oil prices fell around 1 percent on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance.
Benchmark Brent crude futures LCOc1 were down 56 cents at $52.16 a barrel at 1342 GMT, after surging more than 3 percent in the previous session.
Crude Oil FUTURE PRICE
U.S. West Texas Intermediate crude futures CLc1 traded at $48.19 a barrel, down 32 cents. The contract had also risen 3 percent in the previous session.
“We are currently seeing some profit-taking after Friday’s strong rally ahead of this week’s inventory data,” said Hans van Cleef, senior energy economist at ABN Amro.
“Fresh uncertainty about inventories and OPEC compliance (with agreed production cuts) could be enough reason to sell some of the long positions.”