WTI Starts with 25% Drop... 9 Consecutive Weeks of Decline
Brent Also Reenters $10 Range
[Asia Economy New York=Correspondent Baek Jong-min] International oil prices have once again reversed to a decline. After falling to negative levels last week, oil prices made a dramatic upward reversal, but the chaotic situation with unpredictable futures continues.
On the 27th (local time) at the New York Mercantile Exchange, June West Texas Intermediate (WTI) crude oil is trading at $12.66, down 25.27% from the previous day.
The international benchmark Brent crude oil from the North Sea is also trading down 8.16% at $19.69. With today's decline, Brent crude has fallen back into the $10 range.
The United States Oil Fund (USO), the largest oil-related exchange-traded fund (ETF) in the U.S., is also trading down 15% at $2.18.
After extreme confusion during the early-week rollover process of crude oil futures, the price increase due to partial shutdowns of U.S. oil wells in the latter part of the week is widely analyzed as temporary.
CNBC reported that international oil prices have fallen for eight consecutive weeks and are currently in their ninth consecutive week of decline. Bjoernar Tonhaugen, head of the oil division at Rystad Energy, said, "If no further measures are taken, it will be close to the final countdown," emphasizing the possibility of further declines.
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