Oil Fund Slips 0.7% as YPF Falls 3.3% | Oil, Oct 7
Oil traded near US$101 for Brent as US crude stocks fell by 3.19 million barrels and Gulf risks persisted. Petrobras rose 0.80%, while YPF lost 3.28%. The post Oil Fund Slips 0.7% as YPF Falls 3.3% | Oil, Oct 7 appeared first on The Rio Times .
Oil prices fluctuated on Wednesday, October 7, with Brent trading close to US$101 a barrel and West Texas Intermediate (WTI) sitting around US$89–90. The attacks on Saudi airports in Jazan and Najran prompted concerns, but the energy minister reported that the East-West pipeline flows had returned to 5.8 million barrels per day.
The US Oil Fund (USO), which invests in WTI futures, dropped 0.69% to US$143.91, after peaking at US$147.07. The EIA's weekly inventory report revealed a surprising reduction in commercial crude stocks, falling by 3.186 million barrels to 424.1 million. Analysts had anticipated a build of around 1.9 million barrels. WTI's gains were short-lived as a stronger dollar and increased Middle East exports balanced out the drop.
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