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Weekly Fundamentals – Crude Oil Profit-Taking Continues

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

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Weekly Fundamentals – Crude Oil Profit-Taking Continues

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