{"id":450402,"date":"2021-11-18T09:06:46","date_gmt":"2021-11-18T03:36:46","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=450402"},"modified":"2021-11-18T10:21:23","modified_gmt":"2021-11-18T04:51:23","slug":"oil-slumps-hitting-six-week-lows-on-revived-supply-concerns","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-slumps-hitting-six-week-lows-on-revived-supply-concerns\/","title":{"rendered":"Oil slumps, hitting six-week lows on revived supply concerns"},"content":{"rendered":"<p>Oil prices slumped on Wednesday, driving major benchmarks to their lowest closing levels since early October, after OPEC and the International Energy Agency warned of impending oversupply and rising COVID-19 cases in Europe increased the downside risks to demand recovery.<\/p>\n<p>Brent crude futures fell $1.36, or 1.7%, to $81.05 a barrel by 12:18 p.m. EST (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures settled at $78.36, down $2.40, a 3% decline. <\/p>\n<p>The declines took Brent to its lowest close since October 1 and U.S. crude to its lowest settlement since October 7. Traders said the market&#8217;s recent action suggests funds are weighing a greater likelihood that supply will start to outpace demand in coming months, with sharp declines in near-term futures pointing to funds closing long positions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices slumped on Wednesday, driving major benchmarks to their lowest closing levels since early October, after OPEC and the International Energy Agency warned of impending oversupply and rising COVID-19 cases in Europe increased the downside risks to demand recovery. Brent crude futures fell $1.36, or 1.7%, to $81.05 a barrel by 12:18 p.m. EST (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures settled at $78.36, down $2.40, a 3% decline. The declines took Brent to its lowest close since October 1 and U.S. crude to its lowest settlement since October 7. Traders said the market&#8217;s recent action suggests [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-450402","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/450402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=450402"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/450402\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=450402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=450402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=450402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}