West TX Oil Below $51 after U.K. Oilfield Outage

Oil prices diverged Thursday, with Brent rising after a power outage closed the UK’s largest oilfield and following data showing a fall in crude inventories and strong demand from refineries in the United States.

Meanwhile, U.S. crude futures came under pressure, with traders citing a report by research firm Genscape that forecast inventory builds at the Cushing, Oklahoma delivery point for benchmark West Texas Intermediate.

U.S. light crude, also known as West Texas Intermediate or WTI, closed down 50 cents, or about 1 percent, at $50.91 a barrel. Brent crude for August was up 70 cents at $57.70 a barrel.


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.