Oil Extends Decline Amid Projected Rebound in US Stocks

Oil prices extended declines on Monday amid projections that US data is set to show a big rebound in crude inventories to offset an unexpected slump due to the impact of a tropical storm. 

                        London Brent crude for November delivery was down 49 cents, or 1.0 percent, at USD 47.52 a barrel by 2246 GMT on Sunday after settling down 4 % on Friday.

                   NYMEX crude for October delivery was down 60 cents, or 1.3 %, at USD 45.28 a barrel, after closing down 3.7 % on Friday. 

 

Oil's decline over the past two days erased gains of more than 4 percent on Thursday, which were triggered after US government data showed the biggest weekly drop in stockpiles since January 1999. However, traders said imports fell as ships delayed offloading cargoes due to Tropical Storm Hermine.U.S. drillers added oil rigs for a tenth week in the past 11, according to a Baker Hughes rig count report on Friday. It was the longest streak without rig cuts since 2011. 

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