{"id":12021,"date":"2010-09-01T08:15:11","date_gmt":"2010-09-01T06:15:11","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/12021\/wti-oil-price-levels-around-72-mark-after-a-steep-fall\/"},"modified":"2010-09-01T08:15:11","modified_gmt":"2010-09-01T06:15:11","slug":"wti-oil-price-levels-around-72-mark-after-a-steep-fall","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/12021\/wti-oil-price-levels-around-72-mark-after-a-steep-fall\/","title":{"rendered":"WTI oil price levels around $72 mark after a steep fall"},"content":{"rendered":"

WTI oil prices are trading higher on Wednesday around the $72 mark after falling nearly three percent yesterday in what many would view as a chaotic market.<\/p>\n

US Light crude oil futures for October 2010 delivery was trading at $72.44, 07.00 GMT on the NYMEX after closing yesterday’s session at $71.92<\/p>\n

WTI oil futures settled the month of August down nearly nine percent and with concern about a sluggish US economy, weak crude oil demand and plentiful supplies, pressure is expected to remain on oil prices.<\/p>\n

Oil traders are beginning to doubt that oil demand will stage a substantial recovery during the second half of 2010, after first-half consumption came in lower than expected.<\/p>\n

The value of oil to be delivered during the remainder of 2010 is starting to fall faster than oil available farther in the future, indicating a growing belief that short-term demand will remain weak. November crude-oil futures now cost $1.56 a barrel more than the October contract.<\/p>\n

“October is losing ground to November, November is losing ground to December. That’s usually illustrative of a market that is fundamentally weak. Nobody wants the October barrels.” said Peter Donovan, an oil trader with Vantage Trading in New York.<\/p>\n

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