Oil prices were recovering slightly on Friday morning after four consecutive weeks of losses pushed both Brent and WTI to their lowest levels since July. Friday, November 17th, 2023Oil prices declined to their lowest level since July this week, with WTI falling to $73 per barrel on its way toward a fourth consecutive weekly loss.
With a combination of weak economic data from the US where the labor market seems to finally be cooling off and CTA trading patterns that aggravated the downward spiral, WTI has shed its previous levels of steep backwardation…Oil Prices Recover Slightly But Remain Under Pressure
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