Oil looks to stabilize after 5-day sell-off, NFP eyed

Oil prices on both sides of the Atlantic took a breather from the downward trajectory and steadied in the Asian so far, as markets now await the US NFP figures for next direction.

Oil: Eyes on US NFP and rigs count data

Currently, both crude benchmarks trade with minor gains, with Brent around $ 46.50 while WTI hovers below $ 45 mark. Oil prices paused its five back-to back sessions of losses and now attempt gains, as markets seek to take profits off the table ahead of key risk events for the black gold – the US NFP, rigs count data and US presidential elections.

However, the recovery appears short-lived as oil prices are exposed to further downside risks in wake of record high US crude reserves and uncertainty over OPEC’s agreement to reach an output cut deal at its Nov 30 meeting in Vienna.

The US crude stockpiles soared more than 14 million barrels last week, the largest weekly build since the EIA started keeping records in 1982, Reuters reported.