DONALD GET US OIL PUMPING20 Nov 2018 07:25
Meanwhile, oil production in the United States is surging.
U.S. energy firms added two oil rigs in the week to Nov. 16, bringing the total count to 888, the highest level since March 2015, a weekly report by energy services firm Baker Hughes said on Friday.
The rising drilling activity points to a further increase in U.S. crude oil production , which has already jumped by almost a quarter this year, to a record 11.7 million bpd.
Put off by a surge in supply and the slowdown in demand, financial markets have been becoming increasingly wary of the oil sector, with money managers cutting their bullish wagers on crude futures and options to the lowest level since June 2017, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
The speculator group cut its combined futures and options positions on U.S. and Brent crude during the week ended Nov. 13 to the lowest since June 27, 2017.