Crude oil prices came off today to one-month lows amongst a selloff of risk assets across most financial markets. Prices are on track for their biggest drop since mid-June as the dollar also continues to strengthen. The drop was further accelerated as prices fell below key technical support levels. All eyes are on demand as today jobless claims came in at 881K, less than the 950K expected but there are still remains over 13.25 M continuing claims. Adding to that worry, Iraq is seeking an extension to implement extra output cuts as part of the OPEC deal. In a further sign of bearish sentiment, the shape of WTI\u2019s forward curve has weakened this week. WTI\u2019s near-term contract is at the biggest discount to its second-month contract since June, a deeper contango indicating growing concern about oversupply. WTI traded down $.14 or -.34% to close at $41.37. Brent traded down $.36 or -.81% to close at $44.07.<\/p>\n\n\n\n
Crude oil prices came off today to one month lows amongst a selloff of risk assets across most financial markets. Prices are on track for their biggest drop since mid June as the dollar also continues to strengthen.<\/p>\n","protected":false},"author":2,"featured_media":1316,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n