The West Texas Intermediate Crude Oil market broke down rather significantly during the course of the week, $36.25 reach downwards towards $35.
U.S. West Texas Intermediate crude oil futures fell for the fourth time this week, weighed by concerns of new COVID-19 cases swelled globally, and fresh lockdowns were to start in Europe’s two largest economies.
Traders are concerned that rising output from Libya and the United States, when coupled with a possible trimming of production cuts by OPEC+, would eventually create a new global supply glut.
At 20:07 GMT, December WTI crude oil futures are trading $35.66, down $0.51 or -1.41%.