WTI, Brent oil try for second gain in six sessions
Oil futures made modest moves higher Thursday, heading for second gain in six sessions, a day after a large increase in U.S. gasoline inventories sparked the biggest one-day selloff of 2023 and sent crude prices to the lowest close in more than a month.
Oil prices in September had marked a fourth straight month of gains, offering a “good time to book profit off the table,” Naeem Aslam, chief investment officer at Zaye Capital Markets, told MarketWatch. “Gasoline inventory builds have spilled over into crude markets amid concerns about a potential 2024 recession driven by rising interest rates and caused a shift in the crude futures curve that has negatively impacted prompt crude prices,” Stephen Innes, managing partner at SPI Asset Management, said in a note.
Commodity Futures Trading Commission data last week showed net long positions in WTI futures had moved to a 22-month high of 314,519 contracts, noted Robert Yawger, executive director for energy futures at Mizuho Securities.
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