July 29, 2016
By Myra P. Saefong and Sara Sjolin
Oil futures climbed Friday, (click here) finding some support from weakness in the U.S. dollar, but West Texas Intermediate crude still logged a loss of about 14% for the month, the largest monthly percentage decline in a year, on lingering concerns about crude oversupply and a deluge of refined products.
Crude for September delivery CLU6, +0.58% tacked on 46 cents, or 1.1%, to $41.60 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices ended down 5.9% for the week, and saw a monthly loss of 13.9%, the largest monthly loss since July 2015. Prices have posted declines in three out of the seven months this year so far.
The U.S. oil benchmark is now down nearly 19% from its recent high of $51.23 in June. A bear market is defined by a downturn of 20% or more from the recent highs.
September Brent crude LCOU6, -0.49% gave up 24 cents, or 0.6%, to $42.46 a barrel on the ICE Futures exchange in London. The contract expired at the settlement and October Brent LCOV6, -0.05% which added 30 cents, or 0.7%, to settle at $43.53, became the front month. Based on the most-active contracts, Brent lost more than 12% for the month....
By Myra P. Saefong and Sara Sjolin
Oil futures climbed Friday, (click here) finding some support from weakness in the U.S. dollar, but West Texas Intermediate crude still logged a loss of about 14% for the month, the largest monthly percentage decline in a year, on lingering concerns about crude oversupply and a deluge of refined products.
Crude for September delivery CLU6, +0.58% tacked on 46 cents, or 1.1%, to $41.60 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices ended down 5.9% for the week, and saw a monthly loss of 13.9%, the largest monthly loss since July 2015. Prices have posted declines in three out of the seven months this year so far.
The U.S. oil benchmark is now down nearly 19% from its recent high of $51.23 in June. A bear market is defined by a downturn of 20% or more from the recent highs.
September Brent crude LCOU6, -0.49% gave up 24 cents, or 0.6%, to $42.46 a barrel on the ICE Futures exchange in London. The contract expired at the settlement and October Brent LCOV6, -0.05% which added 30 cents, or 0.7%, to settle at $43.53, became the front month. Based on the most-active contracts, Brent lost more than 12% for the month....
