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- Oil fell from a 16-month high
Oil fell from a 16-month high
West Texas Intermediate fell from a 16-month high as weaker-than expected existing home sales and company earnings raised concern that U.S. growth will stall.
WTI for August delivery, which expires today, slid 80 cents, or 0.7 percent, to $107.25 a barrel at 10:43 a.m. on the New York Mercantile Exchange. The volume of all futures traded was about 16 percent below the 100-day average for the time of day The contract settled at $108.05 on July 19, the highest closing price since March 2012. The more actively traded September futures were down 65 cents at $107.22.
Brent for September settlement decreased 32 cents, or 0.3 percent, to $107.75 a barrel on the London-based ICE Futures Europe exchange. Volume was 32 percent below 100-day average. The European benchmark grade’s premium to WTI widened to as much as 79 cents.
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