Oil Weakens as Equities Fall, Inventory Rises and Drilling Ban Halts
BonTradeCrude oil plunged as Wall Street declined after disappointing economic data, temporary lift of drilling ban and surge in inventory. Moreover, banking problems in the Eurozone reignited worries over growth outlook and oil demand. WTI crude oil price reversed gains after rising to as high as 78.9. The front-month contract settled flat at 77.85. Price edges lower in Asian session today. Brent crude dropped -0.93% and ended that day at 78.47. The contract had broken above 80 on June 21.
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Oil Weakens as Equities Fall, Inventory Rises and Drilling Ban Halts
