WTI Breaks Below $70 as Demand Concerns Drive Bearish Sentiment ...Middle East

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WTI Breaks Below $70 as Demand Concerns Drive Bearish Sentiment
source : OILPRICE ( Middle East ) () 59
West Texas Intermediate broke below $70 per barrel on Monday as Hurricane Rafael weakened to a storm that is unlikely to cause any damage to U.S. oil production in the Gulf of Mexico. Separately, oil benchmarks got depressed by trader pessimism about Chinese oil demand after the country’s ruling party announced its latest stimulus package, which underwhelmed, according to Reuters. At the time of writing, Brent crude was trading at $73.30 per barrel while WTI had dropped to $69.69 per barrel. “The market will now shift focus to the Politburo…

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