- MarketPulse - https://www.marketpulse.com -

West TX Oil at $94 Undermined by Supply Glut Jitters

U.S. oil futures fell on Friday and was on track for a fifth straight week of declines, while Brent remained under pressure on a strong dollar and plentiful supplies.

U.S. crude for October ended down 31 cents to finish the session at $93.65 a barrel, the longest streak of weekly drops since November 2013. Brent crude dipped 30 cents to $102 a barrel.

Traders and analysts said higher inventory at Cushing, Oklahoma, pushed the markets lower Friday after stocks in the delivery point for the U.S. oil contract fell to six-year lows earlier this month.

CNBC [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.


Latest posts by marketpulsefxstaff (see all [4])