06 Oct, 23

Can Oil Prices Remain Below $90?

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The nearly four-month-long oil price rally has finally come unstuck, with oil prices crashing spectacularly over the past week thanks to a smaller-than-expected weekly decline in domestic crude supplies accompanied by a much larger-than-expected increase in fuel inventories.  WTI crude for November delivery has crashed from $93.68 per barrel on September 27 to $82.50 per barrel on October 6, good for an 11.9% decline while Brent crude for December delivery has declined by more than 10.5% to trade at $84.23 per barrel over the timeframe, both…

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