Oil set to end multi-week bull run as oversupply concerns resurface

6 Oct 2017   Prices

Oil traded largely unchanged on Friday after a week of profit-taking and the return of oversupply concerns led the market lower, snapping a multi-week bull run that was Brent’s longest in 16 months. Investors were wary of tropical storm Nate shutting down some oil production in the Gulf of Mexico ahead of its expected arrival in the area as a hurricane on Sunday. “The biggest impact (from Nate) could be on gasoline prices, depending on how many refineries are forced to shut down. But I don’t think we will see another bull run,” said Frank Schallenberger, head of commodity research at LBBW in Stuttgart. Global benchmark Brent crude futures LCOc1 were up 7 cents at $57.07 a barrel at 0848 GMT. Week on week, […]

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