(MENAFN- ProactiveInvestors - N.America)
Oil prices edged back at the start of the new week following the speculative advances in the past few weeks.
Brent crude moved just over 1% lower to trade at US$44.65 per barrel while West Texas Intermediary futures dropped 1.36% to US$43.15.
It comes after bullish trading positions reached the highest level since last summer.
In the industry financial results from Schlumberger pointed to the possibility of more pain to come.
The American oil services major revealed second quarter revenues were down 36% year-on-year to US$6.5bn and net income dropped 39% and earnings per share fell by 38%.
City broker Liberum in a note highlighted the possible 'read through' for the rest of the oil and gas sector.
'Upstream Oil & Gas spending is likely to be cut further and by more than currently expected' the broker said. 'All business segments are likely to suffer (as O&G companies look to curb spending).
'Onshore US stands out and cuts in North America are likely to be larger than in other regions.'
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