Brent and NYMEX descend in Asia with American markets shut for holiday
On Monday, crude prices turned weaker during Asia trade in an expected light trading day with American and Canada on public holidays with comments out of the G-20 summit in China focused on demand cues.
In New York, October delivery crude futures sank 0.07%, trading at $44.12 per barrel. Simultaneously, in London, November delivery Brent futures edged down 0.81%, being worth $46.45 per barrel.
In the week ahead, crude traders are going to focus on American stockpile data on Wednesday and also Thursday for new supply-and-demand signals. The reports will come out one day later than usual due to Monday’s Labor Day holiday.
The previous week, crude futures had a four-day losing streak on Friday, amid Russian comments favoring an output freeze, though still suffered a hefty drop for the week amid ongoing worries regarding a global supply glut.
Market participants also estimated the probability of an interest rate lift at this month's Federal Reserve gathering, following poorer than expected nonfarm payrolls data.