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 and is now in contango in the prompt months. Despite the negative sentiment, oil prices did begin to bounce back slightly on Friday morning, with Brent rising to $78.50 and WTI trading at $73.86.Metal Contamination Triggers WTI Testing. US midstream firms and export terminal operators have been stepping up quality checks on WTI cargoes they export following several cases of vanadium and iron contamination, seeking to placate buyers wary of refinery damage due to excess metals.Glencore Still “Horny as Hell” for Coa