Please attribute the following comments to Jeffrey Halley, senior market analyst at OANDA:
Sideways trading overnight as a light news schedule turned the oil markets attention back to more near term issues. Ie a chronic oversupply situation. Both Brent and WTI traded slightly to the heavy side as increased Libyan supply,(up to 550k barrels a day) and US drillers adding more rigs took the wind out of crudes sails.
Tonight things should heat up again as we get API inventory figures. In the meantime expect WTI to vacillate each side of $50 a barrel and Brent to trade between $51 and $52 a barrel.
Contact Jeffrey for direct comment at: