Commodities
Oil Falls as Traders Fear Oversupply Ahead of OPEC+ Meeting
- WTI futures slip 1.7% to settle below $78 on Thursday
- International benchmark prompt spread weakens into contango
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Oil sank despite US data showing the biggest drop in the nation’s stockpiles in five weeks, with traders awaiting Sunday’s OPEC+ meeting for more guidance on supply.
West Texas Intermediate crude slipped 1.7% to settle below $78 a barrel on Thursday. US oil inventories fell by 4.16 million barrels last week — compared with a median estimate of 1.15 million.