Bearish crude holds above US30/bbl;jump in crude runs pressures cracks

摘要

November crude futures on the New York Mercantile Exchange settled 33 cts lower at US30.35/bbl Monday,having rebounded from sub-US30/bbl for the second consecutive trading session.Long liquidation by hedge funds was exhausted early in the session,allowing locals,or independent floor traders,to push the market back above US30/bbl ahead of Tuesday's contract expiration.