Oil prices start October with a flop

3 Oct 2017   Prices

Crude oil prices fell Monday after September market gains finally caught up with U.S. producers, while concerns surfaced over supply-side strains next year. Crude oil prices are diving deep into negative territory in early Monday trading. The trend follows last week’s report from drilling services company Baker Hughes, which counted five new rigs in the U.S. energy sector. Gains in rig counts, which measure exploration and production activity, usually indicate drillers are returning to work on improved market metrics. Friday’s gains followed a downturn that lasted almost two months, but came at the end of a month-long rally for oil prices. The market was supported in September by the impact of hurricanes in the United States, which delayed seasonal patterns […]

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