International Oil Prices Turn to a Declining Trend...WTI Down 1.24%
YM Lee
Summary
- It was reported that international oil prices have turned back to a downward trend.
- It was stated that as global crude oil inventories increase, there are expectations for oil prices to decline in the future.
- With the United States–Russia meeting impacting the market, both WTI and Brent crude oil closed lower.
International oil prices have shifted back to a downward trend. As global crude oil inventories increase, there are forecasts that oil prices will drop further.
On the 12th, West Texas Intermediate (WTI) crude for September delivery on the New York Mercantile Exchange closed at $63.17 per barrel, down 1.24% from the previous day. Brent crude oil for October delivery on the Intercontinental Exchange (ICE) in London also ended trading at $66.12, down 0.77%.
The price of WTI showed an upward trend the previous day, but due to forecasts of a decline triggered by rising crude inventories and the upcoming meeting between the United States and Russia on the 15th, the market turned lower again in just one day.
YM Lee
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