Oil trims biggest monthly loss since July as fund optimism wanes

Oil glut: Panamanian-flagged crude oil tanker ‘Zeus’ anchored at Singapore port. Though the price of oil rose as much as 1.4 in New York trading yesterday, it’s heading for the biggest monthly drop since July last year as global supplies swell. — Reuters

HONG KONG: Oil trimmed its biggest monthly decline in almost a year while hedge funds tempered their outlook for prices.

Though oil rose as much as 1.4% in New York yesterday, it’s heading for the biggest monthly drop since July as global supplies swell.