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Oil prices dip oversupply ongoing economic headwinds

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Oil prices dip on ongoing oversupply, economic headwinds

SINGAPORE / TOKYO (Reuters) – Oil prices held near two-month lows on Monday amid concerns that global gross domestic product and excess refined product would weigh on the markets for some time to come.

Future international Brent crude was trading at $ 45.59 a barrel at 0424 GMT, down 10 cents from its previous close. USA West Texas Intermediate (WTI) was $ 44.09, also fell 10 cents a barrel.

Both benchmarks were near two-month lows hit last week.

Traders said the ongoing oversupply and increasing economic headwinds weighed on oil.

“Headwinds (n) grows 2H16, therefore, our bias bearish oil,” Morgan Stanley (NYSE: MS) on Monday in a note to clients, pointing to the elastic supply US fall demand for transport fuels, and the excess supply of refineries, particularly in gasoline.

“As a result, demand for oil refinery demand for products is underperforming by a wide margin,” said US bank, adding that rising economic risks added to downside risks for oil.
A strong dollar and a fourth weekly rise in the number of US oil rigs also weighed on prices, traders said. [USD /] [RIG / T]

Money managers cut their net futures US crude and options positions that would benefit from rising prices to a four-month low in the week to July 19 long, said Trading Commission Commodity Futures US on Friday.
Libya hopes to boost oil exports have taken a blow after the head of the National Oil Corporation (NOC) opposite an agreement between the government and local guards to reopen the main ports.

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