Tue, 27 Oct 2020

Oil prices drop in volatile trading

Xinhua
22 Sep 2020, 05:59 GMT+10

NEW YORK, Sept. 21 (Xinhua) -- Oil prices fell noticeably after choppy trading on Monday, following solid gains in the previous week.

The West Texas Intermediate (WTI) for October delivery shed 1.8 U.S. dollars to settle at 39.31 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 1.71 dollars to 41.44 dollars a barrel on the London ICE Futures Exchange.

"This is likely due to profit-taking after Brent and WTI chalked up their biggest weekly gains since early June," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note Monday.

For the week ending Friday, WTI crude futures jumped 10.1 percent while Brent increased 8.3 percent.

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