Oil Turns Lower As Bulls Fail To Shake Off Supply Worries

This is source I found from another site, main source you can find in last paragraph

By William Watts and Sara Sjolin, MarketWatch

Natural gas dives on forecasts for cooler U.S. weather

Crude-oil futures erased small gains to trade in negative territory Monday, after a bounce attempt was limited by expectations U.S. oil production will continue to climb.

On the New York Mercantile Exchange, light, sweet crude for delivery in July fell 37 cents, or 0.8%, to $44.37 a barrel, while August Brent crude on London's ICE Futures exchange declined 33 cents, or 0.7%, to $47.04 a barrel.

"The relentless increase in the U.S. oil-rig count (http://www.marketwatch.com/story/oil-prices-unfazed-by-another-weekly-rise-in-us-oil-rig-count-2017-06-16) continued for a 22nd week with Baker Hughes data showing that another six oil rigs were added in the week to last Friday," wrote analysts at JBC Energy, in a Monday note. "But the count also indicates a leveling off growth in key areas over the past four weeks including the Permian, Eagle Ford and Oklahoma."

Overabundance of oil has suppressed prices for nearly three years. Even though major producers in the Organization of the Petroleum Exporting Countries and Russia have sidelined a portion of their output since January, the market remains well-oversaturated and oil storage around the world remains in surplus.

The oil market was also faced with the potential of a strong flow of oil from Nigeria and Libya hitting the market soon. Libya recently announced that it would unblock 160,000 barrels per day of production which has been halted for nearly two years due to dispute with a German energy company. That could propel Libya's daily production to 1 million barrels by the end of July, the national oil company said.

Read: $100 oil is a 'pipe dream', says Wells Fargo (http://www.marketwatch.com/story/100-oil-is-a-pipe-dream-says-wells-fargo-2017-06-16)

This is source I found from another site, main source you can find in last paragraph

Source : http://www.morningstar.com/advisor/t/119664358/update-oil-turns-lower-as-bulls-fail-to-shake-off-supply-worries.htm



UPDATE: Oil turns lower as bulls fail to shake off supply worries
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