Crude prices climbed down in Early Asian trade and edged near two-months low on seasonally weak demand, regardless of the statement from the Saudi Arabian oil minister that the oil market was rebalancing.
London Brent crude dropped by 22 cents at at $46.54 a barrel. It settled 36 cents higher on Friday after the U.S. economy reported its highest job gains in June and on supply worries due to militant assaults on Nigerian oil rigs. NYMEX crude dropped 22 cents at $45.14 a barrel after settling 27 cents up on Friday.
Khalid al-Falih, Saudi Arabia’s energy minister stated on Sunday that the oil market was slowly rebalancing and that prices were steadying, restating comments made on Monday. Nonetheless, oversupply worries were revived on Friday as data revealed that U.S. oil rig count climbed by 10 as drillers introduced new rigs for the fifth consecutive week.
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