Expect crude oil to trade positive:
Global crude oil prices slipped slightly Monday but stayed close to multi month highs as traders braced for a potential stockpile build, expected later this week. Oil refineries across the Gulf of Mexico and the Caribbean were restarting after being shut as hurricanes Harvey and Irma battered the region over the past three weeks. Speculators raised their net long positions in Brent futures and options by 16,962 contracts to 430,699 in the week to Sept. 12, InterContinental Exchange (ICE) data showed, the highest level since March. The increase was the first in four weeks. Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options in the week to Sept. 12, the U.S. Commodity Futures Trading Commission reported on Friday.
We expect crude oil prices to trade positive on the back of short covering after drop in prices.