US Crude Ends Lower on Profit-Taking, Brent Up Slightly

Reuters

NEW YORK, July 22 (Reuters) - U.S. oil prices pulled back sharply on Monday from last week's 16-month high as traders sold to lock in profits from a blistering rally that briefly sent U.S. crude to a premium over Brent for the first time in nearly three years.

Europe's benchmark Brent crude increased its premium over U.S. West Texas Intermediate on Monday, with the September <CL-LCO1=R> contract trading $1.47 higher than its U.S. equivalent as support from tight U.S. supplies eased.

The August WTI contract tumbled more than 1 percent and finished below $107 a barrel ahead of its expiration later in the day, while the September contract showed smaller losses.

"We thought $110 was a price target but the more the market dips into this range the more you'll see profiteers," said Rich Ilczyszyn, chief market strategist and founder of iitrader.com LLC in Chicago.

The WTI contract for August delivery lost $1.14 cents, settling at $106.91.

September WTI fell 93 cents to settle at $106.94, converging with the expiring August contract as traders settled their front-month positions. The October WTI contract was significantly weaker, trading at $1.47 below the September price.

September Brent crude gained slightly, climbing 8 cents to settle at $108.15.


123

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Project Management Office Business Consultant
Expertise: Project Management
Location: Chicago, IL
 
Northern CA Sales Manager
Expertise: Sales
Location: San Francisco, CA
 
Sales Specialist DTI
Expertise: Sales
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
Updated in last 24 hours