Crude oil futures held up on Monday after last week's plummet, though many investors are unsure if prices will hold as the week goes one, MarketWatch reported.
According to MarketWatch, on the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $83.18 a barrel, up $0.43 in the Globex electronic session. December Brent crude on London's ICE Futures exchange increased $0.08 to $86.24 a barrel. Bloomberg reported that WTI for November delivery, which expires tomorrow, dropped 0.2 percent to $82.58 on the New York Mercantile Exchange.
The U.S. oil benchmark lost 3.58 percent over the last week, marking three consecutive weeks of declines for the commodity.
"Buyers will step in only when they think prices have hit bottom. They don't want to catch a knife when it is falling," a Singapore-based oil trader said to MarketWatch.
NASDAQ reported that crude oil prices may have found some support in the decision to shut down a 500,000 barrel-a-day production field jointly operated by Saudi Arabia and Kuwait for environmental reasons. This will temporarily cut into the recent glut of oil supplies while global demand remains weak.
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