Saudi- Oil prices fall for 6th day as hopes for recovery fade
(MENAFN- Arab News) LONDON: Oil prices fell for a sixth session to trade near 12-year lows on Monday as concerns about China's economic slowdown reflected in a renewed slide in its stock markets weighed on the outlook for demand this year.
Traders increased bets against any near-term recovery in the oil price and Brent crude futures were down 82 cents on the day at $32.73 a barrel by 1500 GMT having fallen by 15 percent in the space of a week. US West Texas Intermediate (WTI) crude futures were down 71 cents at $32.45.
Speculators increased their net short positions to a record high in the week to last Tuesday data showed on Friday in a sign that they are losing faith in a price rise any time soon.
Traders increased bets against any near-term recovery in the oil price and Brent crude futures were down 82 cents on the day at $32.73 a barrel by 1500 GMT having fallen by 15 percent in the space of a week. US West Texas Intermediate (WTI) crude futures were down 71 cents at $32.45.
Speculators increased their net short positions to a record high in the week to last Tuesday data showed on Friday in a sign that they are losing faith in a price rise any time soon.
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