Crude oil futures had a little change in early Asia trading on Monday, 8 August, pausing after a volatile week that tipped prices into bear-market territory.
Light, sweet crude for September delivery rose nine cents CLU6, 0.43%, or 0.4%, or 18 cents, to $41.89 a barrel in the Globex electronic session on the New York Mercantile Exchange. October Brent LCOV6, 0.27% on London’s ICE Futures Exchange gained 19 cents, or 0.4%, to $44.46 a barrel.
Futures have wavered for the last several sessions around the low $40-a-barrel-mark after last week’s rebound from bear-market lows. Traders have fixed their attention this summer on an apparent build-up in global gasoline stockpiles, but data last week from the U.S. government showed a big tumble in stocks of the fuel there, throwing doubt on the scale of the glut.
Oil demand rallied in the wake of the tumble in crude prices in 2015 and early 2016, but weakening economic growth could bode poorly for prices later in the year, according to energy analysts at Bernstein.