Oil prices decrease on Monday as data showed traders have cut bullish bets on oil.
Oil prices were under pressure as speculators pared their bullish wagers on U.S. crude oil, with long positions falling last week for the first time in three weeks, according to Reuters.
Meanwhile, bets that oil prices will fall on the New York Mercantile Exchange climbed to the highest level in nearly a month.
In the previous session, oil prices rallied about 3 percent as U.S. rigs drilling for oil dropped for the first time in seven weeks.
The number of rigs operating in U.S. oil fields decreased by four to a total of 796 rigs last week, snapping a six-week winning streak, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate (WTI) for April delivery was down 0.68 U.S. dollar to settle at 61.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.54 dollar to close at 64.95 dollars a barrel on the London ICE Futures Exchange.
Oil prices were under pressure as speculators pared their bullish wagers on U.S. crude oil, with long positions falling last week for the first time in three weeks, according to Reuters.
Meanwhile, bets that oil prices will fall on the New York Mercantile Exchange climbed to the highest level in nearly a month.
In the previous session, oil prices rallied about 3 percent as U.S. rigs drilling for oil dropped for the first time in seven weeks.
The number of rigs operating in U.S. oil fields decreased by four to a total of 796 rigs last week, snapping a six-week winning streak, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate (WTI) for April delivery was down 0.68 U.S. dollar to settle at 61.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery lost 0.54 dollar to close at 64.95 dollars a barrel on the London ICE Futures Exchange.
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