Oil prices extend losses, WTI hits seven-month low

Markets 11/8/2018, 4:18 PM
Oil prices extend losses, WTI hits seven-month low

Crude traded with losses on Thursday with West Texas Intermediate (WTI) hit the lowest level in over seven months, selling for $60.83 per barrel at a session low. The drop in oil prices was fueled by worries of global oversupply after a report by the United States Energy Information Administration (EIA) showed the country's crude stockpiles rose by 5.8 million barrels last week.

Furthermore, US President Donald Trump's decision to grant several countries waivers from the anti-Iran sanctions and let them continue to buy oil from Tehran for a while also contributed to the decline.

WTI futures for December delivery slid 0.70% to go for $61.19 per barrel at 4:06 pm CET and international benchmark Brent for deliveries in January declined 0.57% to sell for $71.58 per barrel at 4:07 pm CET.

Breaking the News / NP

Keywords:
oil
Share:

F WBS+1.20%

54.01
Chart for: F WBS 1/19

Brent Crude (...+1.22%

63.20
Chart for: F BRN 1/19