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MTECHTIPS;-Crude futures snap 3-day losing streak to settle higher

Friday, June 23, 2017 1:42

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MTECHTIPS;-Crude futures snap 3-day losing streak to settle higher

MTECHTIPS-Crude futures settled higher on Thursday, paring some of the losses sustained in recent sessions but sentiment remained bearish as investors continue to fret about rising global stockpiles. On the New York Mercantile Exchange crude futures for August delivery rose 0.5% to settle at $42.74 a barrel, while on London’s Intercontinental Exchange, Brent added 1.03% to trade at $45.27 a barrel. Crude futures snapped a three-day losing streak, despite a growing number of analysts scaling back their forecast for crude prices over the near-term amid fears that the glut in crude stockpiles would persist. “Oil is in a downtrend and risks trending into the $30′s,” Paul Ciana, a technical strategist at Bank of America Merrill Lynch (NYSE: BAC), said in a note on Tuesday. The move higher in crude futures comes a day after the Energy Information Administration said that crude stockpiles fell by roughly 2.45 m barrels in the week ended June 16, above expectations of draw of about 2.1 m barrels. Despite the draw in U.S. crude stockpiles, rising shale output remains a principal concern among investors – The U.S. Department of Energy recently estimated that supply will grow by 122,000 barrels a day

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