WTI Drops as Saudi Arabia’s Oil Exports Surge to Eight-Year High - Bloomberg

WTI Drops as Saudi Arabia’s Oil Exports Surge to Eight-Year High - Bloomberg:

"West Texas Intermediate fell, extending the longest stretch of weekly losses since 1998, as Saudi Arabia exported the most oil in eight years.
Futures dropped as much as 0.4 percent in New York after declining for a sixth week. Saudi Arabia exported more oil in September than in any month since November 2005, according to data from the Joint Organisations Data Initiative. Hedge funds became the least bullish on West Texas crude in five months as U.S. inventories expanded. Citigroup Global Markets Inc. said it’s “rescinding” expectations for higher prices amid progress toward an agreement over Iran’s nuclear program.
“Supply has been more than enough to cover demand, particularly in the U.S.,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “That, plus a diminished Middle East risk premium, has seen the supply situation being a dominant factor.”"

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