Crude Oil Prices Post More Than 10% Losses in 2 Weeks

West Texas Intermediate crude, the major benchmark for U.S. crude prices, settled the day up WTI lost 6.1% w/w, extending last week’s drop of 7.5%.

OILMONSTER.COM- Crude oil prices closed with a second week of losses, which left the energy market down by more than 10%, over the past two weeks.

The slide comes higher than the predicted crude Inventories in the world’s largest economy, and caused anxiety among oil traders already concerned about gasoline demand, as the northern hemisphere head for winter.

West Texas Intermediate crude, the major benchmark for U.S. crude prices, settled the day up WTI lost 6.1% w/w, extending last week’s drop of 7.5%.

Brent crude, the global international benchmark for oil, closed the New York trading session at $39.83. Brent lost 6.6% for the week, adding to its previous week’s drop of 5.3%.

Last week’s plunge came after the Energy Information Administration (EIA), reported a weekly crude inventory gain of 2 million barrels, above the 1.3 million barrels anticipated earlier by analysts.

It was the first surge in oil stockpiles since mid-July. In six previous weeks, the EIA had reported a total crude drawdown of more than 38 million barrels.

Courtesy: www.niarametrics.com