WTI drops significantly in afternoon trade in New York
Story link: WTI drops significantly in afternoon trade in New York by Elaine Frei
Crude oil prices were significantly lower in New York trade Friday following declines in equities markets and on disappointing quarterly earnings reports in the retail sector as sales dropped, indicating that consumers are not ready to spend much money yet.
Demand for oil and oil products remain low, with little signs that it will recover anytime soon.
September contracts for West Texas Intermediate crude were down $2.99 to $67.53 per barrel in afternoon trade on the New York Mercantile Exchange, while at last report Brent crude had dropped 89 cents to $72.59 per barrel on the ICE Futures Europe exchange in London. Read more
