Moody's has lowered its price estimate in 2016 for both Brent crude oil, the international benchmark, and West Texas Intermediate
(WTI) crude, the North American benchmark, to $33/barrel (bbl).
New York: West Texas Intermediate
(WTI) crude rose for a sixth day as clashes in Egypt raised concern that Middle East supply will be cut and as some energy companies evacuated non-essential personnel in the Gulf of Mexico ahead of a storm.
The brief outage had no market impact on West Texas Intermediate
cash crude prices in either the oil hub of Cushing, Oklahoma, or Midland, Texas, another delivery point of the crude, traders said.
He said that the West Texas Intermediate
(WTI) does not always give accurate estimations of oil prices.
36 pb, as did the West Texas Intermediate
with one cent to USD 61.
West Texas Intermediate
fell from the highest closing price this month amid speculation crude inventories rose to the most since June in the US, the world's biggest oil consumer.
The European benchmark grade's premium to West Texas Intermediate
was at $17.
US refiners are lobbying Iraq to change the way it prices crude oil shipments to the US, by dropping West Texas Intermediate
as a pricing basis in favour of a sour crude index, sources told Reuters.
The May contract for West Texas Intermediate
crude ended at
The West Texas Intermediate
futures price for October delivery on the New York Mercantile Exchange was down by more than $2 from the previous day's closing quote.
Recently bullish Crude Oil inventories, an OPEC supply cut, and fears over the impact of Hurricane Ike have not been enough to lift the downtrodden West Texas Intermediate
futures price, and it seems as though oil is increasingly likely to test and break below the psychologically significant $100 mark.