DJ WTI Oil Prices Fall By Most in 3 Months

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DJ WTI Oil Prices Fall By Most in 3 Months

WTI oil prices fall by the most since Aug. 2, finishing the session 3.6% lower at $80.86 a barrel. Today’s EIA data helped to trigger selling as it showed a larger-than-forecast weekly rise in US crude-oil inventories, and an increase in US oil production to 11.5 million barrels a day, matching the most domestic output since May 2020. OPEC meets tomorrow and some investors think the group will bearishly accelerate their monthly production increases to meet rising global demand. But Peter Cardillo at Spartan Capital doubts OPEC will change its gradual hikes, saying it doesn’t want to derail prices. “I would be a buyer at these present levels,” Cardillo says.