Expect Crude oil to trade positive: Sushil Finance

Expect Crude oil to trade positive: Sushil Finance

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.

FCS Schools In the Path of the Solar Eclipse
Weeks of publicity have fanned excitement, he said, and may have persuaded many families to make last-minute road trip plans. The eclipse first reached totality in OR at 10:15am PDT (1715 GMT) and began marching slowly eastward across the country.

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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