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Crude Oil Steadies After Dramatic Plunge

Crude oil futures steadied Thursday morning after a plunging in the previous session.

Analysts say renewed production from Libya and a strong U.S. dollar caused oil prices to crater.

Yesterday, August West Texas Intermediate crude oil fell $3.73, or 5%, to $70.38 a barrel on the New York Mercantile Exchange. It was the biggest daily decline in a year.

That's despite the Energy Information Administration reporting that domestic crude supplies plunged by 12.6 million barrels for the week ended July 6. The American Petroleum Institute on Tuesday reported a drop of 6.8 million barrels.

WTI oil was up 45 cents to $70.82 a barrel this morning.

Today's economic calendar features U.S. consumer price inflation data.

Overseas, German consumer prices climbed 2.1 percent year-over-year in June, just below the 2.2 percent rise in May, final data from Destatis revealed. That was in line with the flash estimate published on June 28.

by RTTNews Staff Writer

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