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Oil Outlook: Bulls take a break
We make a start with the situation in the US oil market. It should be noted that the number of active oil rigs rose from 506 to 508 according to Baker Hughes. The release highlighted a halt in the closing of active oil rigs for the past three weeks in the US and tended to imply a possible rebound for the demand of oil, which may have had a bullish effect on oil prices. On the other hand, API reported an increase of US oil inventories of 3 million barrels. The release reversed practically the drawdown reported the week before and was a first signal that the production levels surpassed oil demand in the US oil market ... (full story)