WTI Reaches $75 for First Time Since 2014

WTI Reaches $75 for First Time Since 2014

West Texas Intermediate (WTI) crude reached $75 a barrel on July 3, but quickly dropped to settle at just 0.3% higher, after the American Petroleum Institute (API) announced that US crude inventories fell by 4.51 million barrels last week, Bloomberg reported.

The API figures would mark the seventh consecutive decline in stocks if confirmed by the Energy Information Administration.

Bill O’Grady, chief market strategist at Confluence Investment Management, told Bloomberg that the quick price drop may have been a reaction to a period of long liquidation ahead of the US public holiday.

 

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.

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