US WTI crude oil futures open Monday’s trading session on a steep decline, dropping over $3 a barrel to register around $83 after Friday’s US credit downgrade by Standard & Poor’s looks set to bring stock markets and oil prices lower.
Latest WTI oil Price
US Light crude oil futures for September 2011 delivery was trading at $83.85 a barrel, 07.45 GMT this morning in electronic trading on the NYMEX, down 3.6 percent over friday’s closing price.
US Credit Downgrade
The United States, the world’s largest oil consumer, saw its top AAA credit rating downgraded for the first time when S&P on Friday cut it to AA+ with a negative outlook on concerns over its debt.
Meanwhile, Asian stocks tumbled this morning, with Tokyo down two percent, Hong Kong down four percent and Sydney 2.4 percent off.
The decline in both WTI and Brent oil prices is mirroring the general volatility in global stock markets shaken by the rating downgrade.
Original post:
WTI oil trading near $83 a barrel in steep decline on Monday
Leave a Reply
You must be logged in to post a comment.