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NYMEX Crude Retreats After Gains, Brent Joins Decline

September 20, 2016 at 0:28 by Vladimir Vyun

Futures for the West Texas Intermediate grade of crude oil went down at the start of Tuesday’s trading after rising on Monday. Brent crude was trying to keeps gains, but gave in as of now.

Oil prices were supported by comments from Venezuelan President Nicolas Maduro who said that the deal about output freeze is close to happening. He stated:

We are close to an agreement between OPEC and non-OPEC countries to stabilize the market.

Representatives from all 14 members of the Organization of Petroleum Exporting Countries as well as from Russia will meet in Algiers on September 27.

The weakness of the US dollar was another factor that was helping crude.

Now traders wait for a supply report from the American Petroleum Institute due to release during late Tuesday’s trading. The US Energy Information Administration will release its data on Wednesday.

Futures for delivery of WTI crude oil in October traded 0.21% lower at $43.21 per barrel as of 00:18 GMT on NYMEX today. Brent crude slipped 0.09% to trade at $45.91 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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