.png)
Southern Alberta oil well Oil prices were down slightly on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned market sentiment. U.S. West Texas Intermediate (WTI) crude futures for December dropped 76 cents, or 0.91%, to $82.77 a barrel. November WTI crude, which expired on Wednesday, settled up 91 cents, or 1.1%, after touching the highest since October 2014 earlier in the session. Brent crude futures fell 76 cents, or 0.89%, to $85.08 a barrel at 0355 GMT, reversing earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day. “We saw some correction with Brent, but overall sentiment remained bullish as there have been no large increases in output by the United States or OPEC,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. “Brent could reach $90 a barrel later this year as tightness in global oil markets will likely continue as U.S. decarbonisation efforts will cap output increases while demand will increase as more power companies switch fuel from coal and gas,” he […]
CamTrader offers a preview only. View original article. boereport.com
