Crude,products correct to the downside on both sides of the Atlantic

摘要

November crude futures on the New york Mercantile Exchange settled 2 cts lower at US31.95/bbl Monday as short covering by funds abated and trade sold into the most recent price spike.According to the most recent data from the Commodity Futures Trading Commission,commercials,or oil companies,refiners and banks used last week's spike above US30/bbl to halve long positions and establish short end of things at all here,as the uptick in crude stocks and the drop in refinery runs for seasonal maintenance give them the option of laying back from chasing the market higher,"Tim Evans,energy analyst at IFR Pegasus,said in a report.