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WTI At Its Biggest Weekly Decline Amid Weaker Fuel Demand In US

by on August 1, 2014 2:05 pm BST
 

WTI trades near 4-month low as fuel supplies expand since January. WTI Delivery for September declined as much as $1.08 to $97.09 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Feb. 5, trading for $97.64 at 1:38 p.m. London time. The volume of all futures traded was about 39 percent above the 100-day average for the time of day. Prices slid 6.8 percent last month, the most since May 2012.

Brent for September settlement fell 40 cents to $105.62 a barrel on the London-based ICE Futures Europe exchange. Prices are down 2.6 percent this week. The European benchmark crude was at a premium of as much as $8.52 to WTI, the widest on an intraday basis since June 24.

Futures traded in New York declined 4.4 percent this week. The nation’s gasoline inventories rose to the highest level in four months last week as demand fell and crude output advanced to the highest since 1986 in early July, government data show. Brent is poised for a weekly decline amid speculation that energy supplies from Russia will be unaffected by further sanctions over Ukraine.