WTI Oil Prices Fall by Most in 7 Weeks

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WTI Oil Prices Fall by Most in 7 Weeks

WTI oil prices tumble 5.5% to finish at $91.64 a barrel, marking the largest one-day percentage decline since July 12. The sell-off comes one day after prices jumped by 4.2% to close at a four-week-high $97.01. Peter Cardillo at Spartan Capital says in a research note the reversal confirms that yesterday’s gains were “speculative,” and says “traders bets on OPEC cutting production are waning.” Adding to today’s sell-off were reports suggesting Iran and the US may be closing in on renewal of a nuclear deal. Crude markets now turn to weekly US oil inventory reports, first from trade group API this afternoon, followed by the official EIA data tomorrow.