Oil prices fell today after topping $85/bbl for the first time since November. “Supplies are tightening” for motor fuels, said Phil Flynn, analyst at Price Futures Group. “Prices are at risk to go higher.” But “there are worries the U.S. Federal Reserve won’t be able to cut interest rates” because inflation remains above the central bank’s target of 2%, Flynn added. Also supporting prices were Ukrainian strikes on Russian oil refineries, which caused a fire at Rosneft’s biggest refinery in one of the most serious attacks against Russia’s energy sector in recent months. WTI traded down $.17 or -.21% to close at $81.09. Brent traded down $.09 or -.11% to close at $85.33.

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stampede
swars
  • Where: Moody Gardens Hotel and Convention Center
  • Attending: Curtis Chandler (239.405.3365) David Cohen (954-729-4774)
  • Conference Website