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WTI Crude Falls on Lower Demand Forecast as U.S. Equities Slide

Jan. 16 (Bloomberg) -- West Texas Intermediate crude fell for the first time in three days as OPEC said demand for its crude will drop in 2014 and equities slid on corporate earnings.

WTI for February delivery declined 51 cents, or 0.5 percent, to $93.66 a barrel at 9:50 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 16 percent above the 100-day average, according to data compiled by Bloomberg. Prices settled yesterday at the highest level since Jan. 2.

Brent for February settlement, which expires today, fell 25 cents to $106.88 a barrel on the London-based ICE Futures Europe exchange. The more-active March contract dropped 39 cents to $105.88. The European benchmark crude was at a premium of $13.22 to WTI, compared with $12.96 yesterday.

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