U.S. West Texas Intermediate (“WTI”) crude for March, which expired today, fell 18 cents per barrel closing at $76.16 per barrel. April closed down 19 cents per barrel closing at $76.27 per barrel. Brent crude oil slipped more than one percent in a volatile session today as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day’s gains. Brent crude lost US$1.02 per barrel closing at US$83.05 per barrel. Natgas continued to sell off today believe it or not closing at $2.073 per MMBTU down 20.02 cents!
It seems the focus in the wider financial market is firmly on the release on Wednesday of the minutes of the U.S. Federal Reserve’s latest meeting after recent data raised the risk of interest rates remaining higher for longer persist. Markets got hammered today across all asset classes.