West TX Oil Drops to $92 on Demand Concerns

U.S. crude futures held near a 16-month low below $92 a barrel on Thursday, after falling sharply in the previous session on lower OPEC demand forecasts and a jump in U.S. refined product stocks.

U.S. crude for October delivery edged up 11 cents to $91.78 as of 0036 GMT after falling $1.08 to settle at $91.67 a barrel in the previous session. The contract touched $91.22 at one point, the lowest since May 2, 2013.

Brent crude was unchanged at $98.04 after settling $1.12 down in the previous session. It fell to an an intraday low of $97.60, the lowest price since April 18, 2013.


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.