Oil prices dropped further yesterday extending losses into a second straight session, after widely watched data showed a surprising increase in U.S. stocks.
Also, the U.S. West Texas Intermediate, WTI, crude futures were at $59.18 per barrel, down 23 cents, or 0.4 per cent, from their last settlement. WTI fell 0.9 per cent on Wednesday. “Today’s fall does not derail the short-term bullish argument that both the OPEC+ production cuts and supply outages will outweigh the global growth concerns and rising U.S. production,” said Edward Moya, senior market analyst, OANDA.
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