- Analytics
- News and Tools
- Market News
- Oil: Brent Crude and WTI extend losses
Oil: Brent Crude and WTI extend losses
Brent crude and West Texas Intermediate continue to slump today for a third consecutive day with Crude trading below USD45 a barrel amid speculations on increasing U.S. stockpiles. Prices are trading near 6-year lows as Goldman Sachs and Societe Generale cut its short-term outlook for oil prices yesterday as the OPEC still resists to cut output and global demand is weakening. Today OPEC officials re-affirmed that the organization is going to fight for market share, blaming the U.S. shale drillers of oversupplying the market. Mohammed al-Mazroui statet that the "strategy will not change" at a Gulf energy conference in Abu Dhabi and that high-cost producers should be the first to cut production.
Market participants look ahead to the U.S. API Crude Oil Inventories due at 21:30 GMT to get further information on the strength of demand of the world's largest consumer of oil.
Brent Crude lost -3.67%, currently trading at USD45.69 a barrel. West Texas Intermediate declined by -3.32% currently quoted at USD44.54 adding to this week's massive sell-off.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
