{"id":62480,"date":"2014-10-24T08:05:59","date_gmt":"2014-10-24T12:05:59","guid":{"rendered":"http:\/\/countingpips.com\/?p=62480"},"modified":"2014-10-24T09:56:33","modified_gmt":"2014-10-24T13:56:33","slug":"wti-crude-extend-losses-as-saudi-policy-remains-unchanged","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/wti-crude-extend-losses-as-saudi-policy-remains-unchanged\/","title":{"rendered":"WTI Crude Extend Losses as Saudi Policy Remains Unchanged"},"content":{"rendered":"
October 24, 2014<\/div>
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By HY Markets Forex Blog<\/a><\/u><\/strong> <\/p>\n

Crude prices dropped on Friday as the West Texas Intermediate (WTI) heads for another weekly drop amid speculation a drop in Saudi Arabia supplies is not a sign that OPEC\u2019s largest producer is reducing its output.<\/p>\n

Futures for the West Texas Intermediate (WTI) for December delivery fell 0.46% to $81.72 a barrel on the New York Mercantile Exchange at the time of writing.\u00a0<\/span><\/p>\n

While the European benchmark Brent crude for December settlement declined 0.40% to $86.48 a barrel on the ICE Futures Europe exchange based in London. Brent crude traded at a premium of $4.81 to WTI, compared with last week\u2019s price of $4.10.<\/p>\n

Saudi Arabia<\/span><\/h2>\n

Crude output from Saudi Arabia dropped to 9.36 million barrels a day (bpd) in September, down from the previous figure of 328,000 bpd in August, which excludes the amount of oil stored.<\/p>\n

Crude prices have fallen into a bear market as the leading members of the Organization of Petroleum Exporting Countries (OPEC) urged to cut output.<\/p>

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Saudi Arabia and Kuwait have said they will not cut production despite the falling-trend in oil prices. The 12-member group will be meeting in Vienna on the 27th of November.<\/p>\n

Crude stockpiles<\/span><\/h2>\n

Crude stockpiles in the US, the world\u2019s biggest oil consumer, rose by 7.1 million barrels to 377.7 million in the week ended October 17, according to a report from the Energy Information Administration.<\/p>\n

Supplies from Cushing, Oklahoma, the delivery point for WTI futures expanded by 953,000 to 20.6 million during the period.<\/p>\n

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The post WTI Crude Extend Losses as Saudi Policy Remains Unchanged<\/a> appeared first on | HY Markets Official blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By HY Markets Forex Blog Crude prices dropped on Friday as the West Texas Intermediate (WTI) heads for another weekly drop amid speculation a drop in Saudi Arabia supplies is not a sign that OPEC\u2019s largest producer is reducing its output. Futures for the West Texas Intermediate (WTI) for December delivery fell 0.46% to $81.72 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62480","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62480"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62480\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}