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Home / Market Update / Commodities / WTI crude oil futures settle at $77.43

WTI crude oil futures settle at $77.43

Mohamed Abdelhamid 6 October, 2021 11:18 pm Commodities, Market Update

The price of West Texas Intermediate crude oil futures are settling at $77.43. That is down $1.50 or -1.9%. The price is settling near the lows for the day at $77.06. The high for the day was up at $79.78.

The move to the downside was helped by comments early in the U. S. trading session that Russian President Putin is interested in stabilizing global oil prices.

There is also talk of SPR release that would ease some of the supply issues. The weekly oil inventory data did not hurt the decline trend as it showed a surprise build for the second consecutive week.

The data today showed:
Oil inventories +2346K versus -418K expected
Gasoline +3256K versus -279K expected
Distillates -396K versus -1007K expected

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