Crude extend losses, WTI down 2% on trade fears

Thursday, 17. January 2019 17:12

Oil extended losses from earlier in the session on Thursday, continuing to trade in the negative territory with the American benchmark losing around 2% as investors remained worried about the ongoing trade war between the United States and China. The continuous rise in the US crude production also drove the oil prices lower as the American output reached almost 12 million barrels per day.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers led by Russia continued to implement production caps in order to balance out the crude market. Earlier today, Russian Energy Minister Alexander Novak noted that his country will try to accelerate the output cut in order to comply with the agreement implemented in January this year.

West Texas Intermediate for February delivery declined 2.10%, changing hands for $51.20 per barrel at 4:59 pm CET while the international benchmark Brent for March delivery lost 1.40% to trade for $60.48 per barrel at 5:00 pm CET.

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Breaking the News / VK