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Oil Slumps on Friday, Still Heads to Big Weekly Gain

September 9, 2016 at 17:54 by Vladimir Vyun

Prices for crude oil fell more than 3% today following yesterday’s big gains. One of the possible reasons for the slump was the report from Baker Hughes. The data showed an increase of the US oil rigs number by 7 this week. It was the 10th week of increases in 11 — the longest streak since 2011.

Saying that, the commodity was heading to a weekly gain of more than 4% despite the drop. One of the reasons for that Water Bounce Houses were traders who preferred to hold onto long positions on hopes for an output cap deal between some major oil-producing countries. Additionally, there was a report that Iran, which demands to be excluded from the deal as it wants to boost it production to the pre-sanctions levels, struggles to expand output.

Futures for delivery of WTI crude oil in October dropped 3.23% to $46.08 per barrel as of 17:44 GMT on NYMEX today. November Brent crude sank 3.48% to $48.25 per barrel on ICE.

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

One Response to “Oil Slumps on Friday, Still Heads to Big Weekly Gain”

  1. Sampath Gilda

    Want to know the future of crude palm oil rates in india

    [Reply]

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