Oil ignores bullish comments from Saudi oil minister, stays near 2-month lows

Oil prices at both the sides of the Atlantic trade near two-month lows in Asia despite comments from Saudi oil minister that oil market was becoming more balanced.

At the time of writing, Brent futures were down trading marginally lower on the day around $46.50/barrel. WTI futures were down 30 cents or 0.70% at $45.10/barrel.

Saudi Arabia's energy minister Khalid al-Falih said on Sunday the oil market was becoming more balanced and prices were stabilizing. However, fresh oversupply concerns in the US made sure the bullish comments received little attention from the markets.

Data released on Friday showed the US oil rig count rose by 10 as drillers added rigs for a fifth week. Furthermore, the weekly inventory data released last week was a shocker as well. Meanwhile, the US Commodity Futures Trading Commission (CFTC) data released on Friday also showed traders cut net long US oil futures and options positions to the smallest levels since March in the week to July 5.