Expect Crude oil to trade positive: Sushil Finance

Crude starts fresh week trading sideways around Friday's strong close – Vandana Hari

Brent crude oil LCOc1 was up 40 cents at $52.06 a barrel by 0715 GMT.

United States Oil (USO) and iPath S&P GSCI Crude Oil Total Return Index ETN (OIL) dipped 2.6% and 3.1%, respectively, landing in the bottom ranks of exchange-traded product land.

Oil dipped on Monday, weighed down by rising US output although a 13 percent fall in USA crude inventories since March indicated a gradually tightening market.

Oil prices fell almost 2 percent ahead of monthly contract expiration on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply. U.S. West Texas Intermediate (WTI) crude futures were at $48.47 a barrel, down 4 cents, or 0.1 percent.

24-Year-Old Man Arrested In Killing Of Three Girls
According to the authorities, the man is now in the police custody where the police are investigating with him about the case. The police department tweeted that it is committed to "make arrest & determine motive".

However, output from the U.S. was still on the rise, having broken through 9.5m barrels per day (bpd), the highest level since July 2015.

"It looks like the growth in US production is quickly running out of steam and, all else being equal, this should be good news for OPEC and the price of oil", said Erik Norland of CME Group, a major commodity exchange.

"Another decline in US crude stocks may push prices somewhat higher again, but the upside may be limited - especially if USA crude production ticks higher again", said Hans van Cleef, senior energy economist at ABN AMRO Bank N.V.in Amsterdam.

The latest weekly data from Baker Hughes released Friday - a metric that has come to be closely watched especially since the start of this year for early signs on the likely trajectory of U.S. oil output growth - showed that the number of oil rigs operating in the USA declined to 763 in the week to August 18 from 768 the week before.

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