WTI extends decline below $43.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Oil prices extended losses on Wednesday, with WTI falling more than 2% back below $43.00 a barrel amid ongoing concerns over global supply glut.

    WTI crude oil is falling for a sixth session in a row having posted a low of $42.94 so far. At the time of writing, WTI futures were down 2.51% at $43.510 a barrel. Brent futures were 2.62% around $46.84 a barrel.

    On Tuesday, the American Petroleum Institute (API) reported a weekly rise in the inventories by 6.3 million barrels. The US government data released by the Energy Information Administration (EIA) will be release on Thursday and it is expected to show the inventories rose by 752,000 barrels.

    Prices were also weighed by fears large producers as Saudi Arabia and Russia were still pumping around record levels.
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