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Crude oil prices settled flat but speculators sharply cut long positions

Crude oil prices settled flat but speculators sharply cut long positions

Crude oil trading range for the day is 3162-3236. Crude oil prices settled flat but speculators sharply cut long positions during last week’s rout. The market failed to rebound after Saudi Arabia Minister Khalid al-Falih said the cuts by the OPEC and non-OPEC producers could be extended beyond June. The potential for increased U.S. production continues to build, as weekly rig count data showed an increase of 14 drilling rigs in US.

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