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Crude drops $1.17

Posted on: October 13, 2016

Crude drops for the second day and settled $1.17 lower leaving the prompt WTI above the $50 mark closing at $50.18 on Wednesday. The OPEC agreement continues to reside in investor’s minds as they await to see positive fundamentals and output changes aside from discussions themselves. For the participating members of the OPEC agreement there remain significant discrepancies for September output figures used to cap production.

The misalignment in output figures will indeed lead to challenging implementation during the formal OPEC meeting in November. API reported that US crude stockpiles increased by 2.7 million last week. The strength of the US dollar continues to weigh down the price of oil as a fed interest rate hike seems more likely.

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