On Monday, crude prices turned weaker during Asia trade in an expected light trading day with American and Canada on public holidays with comments out of the G-20 summit in China focused on demand cues.
In New York, October delivery crude futures sank 0.07%, trading at $44.12 per barrel. Simultaneously, in London, November delivery Brent futures edged down 0.81%, being worth $46.45 per barrel.
In the week ahead, crude traders are going to focus on American stockpile data on Wednesday and also Thursday for new supply-and-demand signals. The reports will come out one day later than usual due to Monday’s Labor Day holiday.
The previous week, crude futures had a four-day losing streak on Friday, amid Russian comments favoring an output freeze, though still suffered a hefty drop for the week amid ongoing worries regarding a global supply glut.
Market participants also estimated the probability of an interest rate lift at this month’s Federal Reserve gathering, following poorer than expected nonfarm payrolls data.
