Market Chatter: WTI Oil Falls First Time in Six Days as Exxon Shuts Line

Comment

Shutterstock photo

"West Texas Intermediate oil fell for the first time in six days, widening its discount to Brent, on speculation that the closure of an Exxon Mobil pipeline will increase U.S. inventories," Bloomberg reported.

It said: "WTI slid as much as 1.3% as Exxon shut the Pegasus pipeline, which moves oil from Illinois to the U.S. Gulf Coast, March 29 after heavy Canadian crude leaked in Arkansas."

"WTI for May delivery slipped $1.19, or 1.2%, to $96.05 a barrel on the New York Mercantile Exchange. The contract rose to $97.23 on March 28, the highest settlement since Feb. 14, capping a five-day rally that was the longest since Dec. 20. The market was closed March 29 for Good Friday. Brent for May settlement dropped 21 cents to $109.81 a barrel on the London-based ICE Futures Europe exchange."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities


More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com