Expect Crude prices to trade lower: Nirmal Bang

Nirmal Bang's report on energy

Crude oil extended gains to hit a 14-month high above USD 104 a barrel on Monday, after posting their biggest weekly gain in a year last week, as better-than-expected U.S. jobs data fuelled hopes for increased economic activity.

Maine has no plans to review shipments of crude through the state on rail lines after a deadly oil train derailment just across the border in the Quebec town of Lac-Megantic over the weekend, the state Department of Transportation said.

Money managers raised their net long U.S. crude futures and options positions in the week to July 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday.

U.S. commercial crude oil stocks likely fell for a second consecutive week in the seven days to July 5 due to lower imports and higher refinery activity, a Reuter’s poll of seven analysts showed on Monday.

Fundamental Outlook: Crude oil is trading lower on NYMEX today. We expect prices to trade lower for the day as worries about supply for the Middle East eased slightly.

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