Oil Halts Three-Day Decline Near $45 as Saudis See Demand Growth - Bloomberg Business

Oil Halts Three-Day Decline Near $45 as Saudis See Demand Growth - Bloomberg Business:

"Oil halted its three-day decline near $45 a barrel as Saudi Arabia sees low prices spurring demand growth.
Futures rose as much as 1.2 percent in New York after falling 7.5 percent through the three days ended Friday. Demand will soon reflect the “attractiveness” of current price levels, according to Ali al-Naimi, Saudi Arabia’s oil minister. Money managers’ net-long position in West Texas Intermediate rose the most in seven months in the week ended Nov. 3, data from the U.S. Commodity Futures Trading Commission showed.
Oil has slumped 42 percent the past year amid speculation the global oversupply will persist as the Organization of Petroleum Exporting Countries continue to pump more than their collective quota. While China’s crude imports fell to about 6.23 million barrels a day in October, the lowest level in five months, purchases were more than 9 percent higher than the same period last year, according to data Sunday from the General Administration of Customs."



'via Blog this'