Expect Crude oil to trade positive:
Oil prices fell nearly 2 percent ahead of monthly contract expiration on Monday, pulling back from last week’s rally built on signs the global market is starting to rebalance from chronic oversupply. U.S. hedge funds and money managers have reduced bets on rising prices in recent weeks, Commodity Futures Trading Commission data showed on Friday. U.S. oil prices have been on the upswing since bottoming out near $43 a barrel in mid – June, though the market has not been able to sustain a rally above $50. Despite the selloff, the market remains in its recent range, said Phi l Flynn, analyst at Price Futures Group in Chicago. The world remains awash with oil despite a deal struck by some of the world’s biggest producers to rein in output. Rising U.S. production has been a major factor keeping supply and demand from balancing. U.S. output may soon slow, as energy companies cut rigs drilling for oil for a second week in three, energy services firm Baker Hughes said on Friday. Crude stockpiles are forecast to have declined by 3.4 million barrels for the week to Aug. 18, according to a Reuters survey, which would be the eighth straight week of declines. U.S. commercial crude inventories have fallen almost 13 percent from their March peaks to 466.5 million barrels.