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Oil on Track for Longest Loss Cycle Since May

Oil on Track for Longest Loss Cycle Since May

Oil posted slight gains after tumbling on Thursday 16 November, but still hasn’t managed to reverse the path to a fourth week of losses, the longest cycle since May.

West Texas Intermediate – traded in New York – rose 0.22 per cent to 73.06 dollars a barrel, while North Sea Brent – the benchmark for European imports – rose 0.13 per cent to 77.52 dollars a barrel.

This Thursday, both WTI and Brent sank. The US is anticipating an increase in inventories at a time when the market seems to be heading for a surplus in the first quarter of 2024, despite the extension of the supply cut by the members of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+) and the additional reduction by Saudi Arabia and Russia.

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