West Texas Intermediate headed for its sixth weekly drop, the longest run of declines in almost a year, as OPEC cut forecasts for the amount of crude it will need to supply amid the U.S. shale boom.
Futures were little changed in New York, poised for a 3.3 percent decrease for the week. The Organization of Petroleum Exporting Countries lowered every forecast for its crude through 2035 except next year, according to the groups annual World Oil Outlook. Libya will soon resume pumping crude at its biggest field after an attack halted output, an official said.
WTI for December delivery was at $77.85 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents, at 10:52 a.m. Sydney time. The contract slid 1 percent to $77.91 yesterday. The volume of all futures traded was about 74 percent below the 100-day average. Prices have decreased 21 percent this year.
Brent for December settlement dropped 9 cents to $82.86 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $4.95 to WTI.
Source : Bloomberg