WTI trades near five-month low on U.S. crude supply:- West Texas - TopicsExpress



          

WTI trades near five-month low on U.S. crude supply:- West Texas Intermediate traded near a five-month low amid speculation U.S. crude inventories increased while supply concerns eased as talks on Iran’s nuclear program resume. Supplies have climbed to 388.1 million barrels amid a surge in production, government data show. World powers and Iran will start discussions in Geneva this week that may loosen sanctions against the Persian Gulf nation’s oil exports. “We’ve seen a little short-covering on WTI as it trades off five-month lows ahead of inventory data,” said Michael Hewson, a London-based market analyst at CMC Markets Plc. “There’s a feeling that inventory data could actually come in a little short, but the overall outlook remains of plentiful supply, which should cap any short term rallies.”
Posted on: Fri, 22 Nov 2013 08:21:40 +0000

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