Oil Prices Break Winning Streak | Rigzone
by Matthew V. Veazey
Monday, October 28, 2019
WTI and Brent broke the string of day-on-day gains from last week.
West Texas Intermediate (WTI) and Brent crude oil posted an uninterrupted string of day-on-day gains from Tuesday through Friday last week. The contracts failed to extend the winning streak to Monday.
The WTI for December delivery lost 85 cents Monday, settling at $55.81 per barrel. The contract traded within a range from $55.58 to $56.92.
December Brent also finished the day lower, losing 45 cents to close at $61.57 per barrel.
“WTI started up a bit this morning, but then traded down,” said Tom McNulty, Houston-based managing director with Great American Group.
McNulty pointed out that oil prices remain in a fairly narrow trading range. He noted that key drivers include ongoing speculation about the direction of trade negotiations between the United States and China as well as U.S. crude oil inventory levels.
“If it looks like the U.S. and China will make a trade deal, we pick up a dollar or two,” McNulty said. “When U.S. crude stockpiles look like they are growing too fast, we drop a dollar or two.”
Reformulated gasoline (RBOB) remained flat Monday. November RBOB lost well under one cent, settling at $1.67 per gall....