Class CNBC Interview 8/31/22
August 31, 2022Class CNBC Interview 9/1/22
September 1, 2022WTI oil prices are declining for a third straight session after tumbling by nearly 8% over the past two days. The front-month contract for October delivery trades down 1.4% at $88.31 a barrel, and fell to as low as $87.12 overnight. A weekly EIA report yesterday showed implied US gasoline demand remained weak at 8.6 million barrels a day, while distillate demand that had been holding up strong fell by 8% week-on-week to 3.6M bpd, the third-lowest weekly showing of 2022. “Crude oil is lower with spot trading near support levels around $87,” says Peter Cardillo at Spartan Capital in a research note. “We see oil prices breaching the support level with prices slipping to the $80 -$81 area.”