Weekly Fundamentals – Crude Oil Profit-Taking Continues

Posted October 7th, 2017 by colette75o and filed in General News

Energy prices dropped on Friday although Saudi Arabia and Russia affirmed the possibility to extend the output cut deal to end -2018. Both crude oil benchmarks ended the week lower as profit-taking continued. The front-month WTI contract plunged -4.61% while the Brent contract was down -3.34%. WTI-Brent spread recovered but remained wide. On EIA’ weekly inventory report, we saw another week of big decline in crude oil inventory. However, Cushing stock gained +1.53 mmb to 62.46 mmb.

Read more here: 
Weekly Fundamentals – Crude Oil Profit-Taking Continues

Leave a Reply

You must be logged in to post a comment.