Oil prices reached two month low Thursday. The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.
Technical levels are giving signals for reaching new lower levels. CFTC net speculative positions show more grow by short positions than long ones.
This week oil traders will watch closely the following releases:
Tuesday
The Organization of Petroleum Exporting Counties will publish its monthly assessment of oil markets.
The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies.
Wednesday
The International Energy Agency will release its monthly report on global oil supply and demand.
The U.S. Energy Information Administration is to release its weekly report on oil and gasoline stockpiles.
Friday
Baker Hughes will release weekly data on the U.S. oil rig count.
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