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.
