Oil steadies following a three-day losing streak

Oil prices on both sides of the Atlantic after three-day sell-off that forced speculators to rush for an exit.

At the time of writing, WTI oil was trading 30 cents or 0.60% higher on the day around $49.57/barrel. Brent was trading at 25 cents or 0.48% at $52.44/barrel.

A sudden breakdown from the sideways trading has caught many by surprise and could force speculators to ditch long positions at a faster rate.

Oil is on the back foot given the Shale Producers continue to boost their output in response to higher prices. Comments from Saudi officials that OPEC may not extend its output cuts also weighed over oil prices.

Oil traders await the Baker Hughes weekly rig count report, which could show another weekly rise. The rig count has been rising for the last 7 weeks.