West TX Oil Slides to $96.30 on OPEC’s Oil Production

West Texas Intermediate fell, snapping the longest rising streak since February as OPEC’s oil production was seen increasing to the highest level in a year. Brent was steady in London.

Futures dropped as much as 0.3 percent in New York, the first decline in five days. The Organization of Petroleum Exporting Countries boosted output by 891,000 barrels a day to 31 million in August, a Bloomberg survey shows. Iraqi forces entered the town of Amirli, ending a siege imposed by Islamic State militants that lasted for more than two months, a senior Shiite-Muslim cleric said. Floor trading in the U.S. will be closed for the Labor Day holiday today.

“It’s not a surprise given the rises we’ve seen over the last two trading sessions,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “It’s been a pattern of trading globally for the last couple of weeks where we tend to reverse the position we saw in the previous U.S. session.”

Bloomberg

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